Part payment for purchase of land

Rishi Vyas (Querist) 16 April 2014 This query is : Resolved
Dear Members,

A company purchased land from land owner by entering into sale deed and payment of 90% of the consideration. The owner gave the possession to the company and a possession receipt has been issued in the name of the company. However the company shall become exclusive owner on payment of remaining 10%.

my question is that what is the impact of not having exclusive ownership on the land?

Thanks.

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ajay sethi (Expert) 16 April 2014
company can afford legal fees

Rishi Vyas (Querist) 16 April 2014
Dear Mr. Sethi,

Could you please elaborate your response.

Thanks,
Rishi

Rajendra K Goyal (Expert) 16 April 2014
Consult a local lawyer and show him all the documents including agreement to sale.

Advocate. Arunagiri (Expert) 16 April 2014
Even if you have paid the 100% consideration untill and unless the sale deed is registered in your favour, you are not the owner.

The risk is that the current owner may execute the sale deed in anybody's favour, and you will be initiating a legal battle on him.

Avoid this pay the balance and get the sale deed in your favour.

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