Selling of property

ravi (Querist) 03 September 2011 This query is : Resolved
Dear team,

I have a query regarding property sale. I am in process of selling my home. My buyer had paid me part payment and will be making rest of the payment in next week or so. He is however saying the registration of the property, he wants to be done after a month. And for the time being he will keep the original papers with him.

I want to know if its perfectly ok to handover the originals, even though he has made the full payment. Please guide me if the transfer of ownership can be done after a month in such a scenario and also pls inform me what things I need to do or what are the legal documents which I need to obtain from the buyer in this case.

Regards/ravi kumar

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Guest (Expert) 03 September 2011
if you received the full payment then it is no matter to keep the documents with the buyer.

prabhakar singh (Expert) 03 September 2011
After receiving full consideration you may hand over the originals along with an agreement signed by both of you to the effect that buyer just now does not have amount of stamp duty & registration expenses ,hence sale deed would be executed 2 month after this date in the mean time as per buyer wishes all original documents described and listed below
are being handed over in lieu of total consideration of sale received and possession shall be handed over at the time of execution of the sale deed doing this much in duplicate,and keeping photo copy of all original handed over to him,you can proceed .Better if it is done with notarization also.

Raj Kumar Makkad (Expert) 03 September 2011
I do agree with experts.

R.Ramachandran (Expert) 03 September 2011
A very practical and sensible legal advice from Mr. Prabhakar.

M/s. Y-not legal services (Expert) 04 September 2011
Yes. Am also agree. Nothing to say more..

Chanchal Nag Chowdhury (Expert) 05 September 2011
Upon receiving the full consideration, U may hand over all papers. However, U R advised that U get him to give a letter to U to the effect that he will register the sale after a month though he has paid the full consideration.
This is precautionary lest the buyer at a later stage has second thoughts & wishes to pass it off as a mortgage by deposit of title deeds.

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