How To Safeguard interest in property

Company Secretary

Dear All,

Kindly help me to solve my querry.

Client has finalised deal to purchase a plot in MIDC . However MIDC does not allow to sell barren land without satisfying styipulated requirements regarding construction of buliding occupying at least 10% of area.

As per mutual undersatnding owner has agreed to construct required property in order to get Building Construction Certificate & NOC from MIDC.

Now, owner is asking for Advance costing almost 60% of property amount. He is ready to sign MOU and Power of Attorney in clients favour .However , Ownership will get transfer only after obtaining BCC.

What additional precaution should be taken to safegurad my clients interest as amount involve in the transaction is in some crores.

Kindly throw some light in this regard as it is urgent.

Regards,

Gargi

 

 

 

 

 
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Ms. Gargi, 1st of all the power of attorney shall be irrevocable one where some charge or consideration shall be created  or adjusted in your favour, and everything regarding your term and condition shall part of that power of attorney.
 The next thing is to get an aggrement to sell executed by seller in your favour stating the clear terms and condition and some parts of the payment u made as advance money shall be in the form of cheque or DD. And also get incorporated the factum of power of attorney in the aggrement to sell. And also get hte mou signed from him separately.

 
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