Sale of Property Guideline
Chandrika Subramaniyan
(Querist) 15 March 2011
This query is : Open
Dear Experts ,
Further to my query below....can I ask just one more question ? The tenant is choosing to buy the property through Power of Attorney when he will settle the full price amount with an Indemnity to protect my involvement in sale of the property as he wants to register it in the name of his 3 children (1 Adult and 2 Minors ) . A sale agreement that will mention above except the sale to children will be raised at a Post dated stamp paper mentioning the full price amount. I also understand that he will probably show a lesser value in sale deed to his children to avoid high tax etc.Is this legally advisable or ok to take this route ?
Thnak you
Chandrika Subramaniyan
Chennai
I had proposed to sell my flat in Chennai about 6 months ago and communicated this with the Tenant who is living there. Tenant was ready to buy the property and a price was agreed upon. After submitting copy of all relevant papers to the tenant through a lawyer, Tenant has been postponing the sale for now almost 3 months from the recipt of all proper documents (copy )of the property. Tenant is given time limit till 15 mar 2011 to conclude sale.
I am in a dilemma as to how to proceed further. I would be grateful for advice
I do not want to chase the tenant for ever for verbal notice in amicable conversation etc of 6 month had been given. Perhaps I should give a notice to vacate in writing citing property required for own use, and then perhaps if Tenant is able to conclude sale within the period then both tenant and I stand to benifit. But if not then I suppose we have to proceed legally which is detrimental to my convinience although I may not be left with any other choice.
Perhaps finding another party who is willing to buy the property with the Tenant (Guess unlikely ) may be an option but then that may put me in a disadvantage to negotiate on price.
I really would be grateful for your expert opinion and guidline based on practicality.
Thanking you
Sincerely
Chandrika Subramaniyan
