Dheeraj SHah (manager) 26 May 2018

Agreement of sale

I have sold my plot to a person for 37lac ,in which the person is giving me 25lac in account and 12 lac. In cash. He is asking me to do an agreement of sale of 25 lac since he is applying for loan. And another agreement of sale for 37 lac for the real transaction of later date.... Is it ok to do as he says. Will the 25 lac agreement will be considered null if we do another agreement after one day of 37 lac

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9 Replies

Adv Deepak Joshi +917017821512 (Advocate) 26 May 2018

Talk to local advocate, if need to talk can cal me 9456777600.

R.Ramachandran (Advocate) 26 May 2018

Please avoid such things. You will suffer. This is because

(1), it will be very difficult for you to handle the 12 lakh cash - especially when there is pressure on black money.

(2) giving two different agreements (i) one registered for Rs. 25 lakhs and (ii) another - unregistered for Rs. 37 lakhs will create problem.

(3) Once the property is registered for Rs. 25 lakhs, it is doubtful whether he will give you the Rs. 12 lakhs in cash. If he does not give, then you can never be able to recover the same, as according to the registered agreement, you would have received he full amount of Rs. 25 lakhs shown in that agreement.

(4) If one agreement for Rs. 25 lakhs is registered (as he can get loan only if the property value is in the range of Rs. 25 lakhs), what for he is requiring another agreement for Rs. 37 lakhs? Especially when that agreement cannot be registered.

WHATEVER MAY BE HIS PROBLEM, BETTER DO NOT INVOLVE IN SUCH TYPE OF TRANSACTIONS. AVOID. LOOK FOR SOME OTHER BUYER.

K Rajasekharan (Advocate) 27 May 2018

As clearly and righty advised above it is wholly inadvisable to enter into such a clandestine document transaction which provides enough possibility for misuse in some unimaginable manner by an unscrupulous person. If something goes wrong you may not be able to clearly explain to the enforcement officers how it happened.

Kumar Doab (FIN) 27 May 2018

'Buyer Beware' applies to property deals.

It shall be appropriate to get proper legal opinion from a very able LOCAL senior counsel of unshakable repute and integrity specializing in revenue/property/civil/DRT matters and well versed with LOCAL applicable rules/laws and having successful track record…. and worth his/her salt , before signing or making payment.

This may cost some FEE but can defend long term interest and hard earned monies.

Kumar Doab (FIN) 27 May 2018

Rs12/-lac is unaccounted money.

IT shall be appropriate to get proper legal opinion from a very able LOCAL senior counsel of unshakable repute and integrity specializing in property/civil/ITax matters and well versed with applicable rules/laws and having successful track record…. and worth his/her salt..