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Urgent

(Querist) 13 February 2014 This query is : Resolved 
"A" AND "B" ARE FRIENDS AND THEY MAKE A PARTNERSHIP FIRM FOR PURCHASE A LAND OR PROPERTY. THEN THEY DECIDED TO PURCHASE A AGRICULTURE LAND SO "B" GIVE A 75% MONEY AND "A" GIVE A 25% MONEY TO THE FARMER AND HE PURCHASE AGRICULTURE LAND IN :A" NAME AS PER MITUAL UNDERSTANDING BETWEEN "A" AND "B" AND THENAFTER "A" NAME IS ENTER IN REVENUE RECORDS. THENAFTER TAKE PERMISSION OF NON-AGRICULTURE FROM COLLECTOR AND NOW LAND IS NON-AGRICULTURE. NOW THEY DECIDED TO SELL THIS LAND THIRD PARTY AND "B" IS NOT A PARTY IN ANY RECORDS BUT INVEST MONEY IN ALL PLACE, NOW QUESTION IS :-

1. HOW TO "B" TAKE A CHECQUE AMOUNT FROM THIRD PARTY?
2. WHICH TYPE DOCUMENT MAKE BETWEEN "A" AND "B" FOR TAKE A MONEY IN NAME OF "B" FROM THIRD PARTY.
3. HOW TO TAKE 75% AMOUNT OF PURCHASE PRICE FROM PURCHASER?
PLEASE SEND A DRAFT COPY IF POSSIBLE.

THANK YOU,
BHARAT
Vidhi Joshi (Expert) 13 February 2014
what kind of mutual understanding was entered into between A and B?...no advice can be provided before looking the documents.
Rajendra K Goyal (Expert) 14 February 2014
The land is in the name of A and the payment would be in the name of A from the prospective buyer. Amount paid by B may be shown as friendly loan to A and may be returned by A.

If some written agreement exist between A & B, consult local lawyer and show him the document.
T. Kalaiselvan, Advocate (Expert) 15 February 2014
Until and unless there is any written agreement between A and B, b cannot claim a share in the sale consideration amount directly from A and the third party is not bound to make any payment to B in this regard other than settling the sale consideration amount to A. Alternately, A on the basis of oral hand loan, can give away B's share amount as repayment of said oral hand loan.
K.K.Ganguly (Expert) 16 February 2014
There are two ways to settle the matter.

1. 'A' can sell the property to the buyer & can part with 25% of the consideration received issuing cheque to 'B',

2. They can make the sale deed showing 'B' as the financier in buying the land and include him as one of the First Part consisting of the two Vendors when the buyer will pay 25% of the consideration to 'B'.


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