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leopold   29 October 2017

Payment procedure for selling my ancestral property

My Aunt left a property without testament/will to her 3 childrens. After her death all the 3 childrens proposed to sell the property and share it equally.

The Prospective buyer had taken the following document copies :

Mother/Parent document

sale deed

patta 

Property owners death cert 

leger Heir certificate 

property tax book

metro water tax book

Electricity bill card

Now after verification , the buyer is ready for our offer. but he had told us that first he will pay 10% of the property value by cash  and second payment the day before the registration and the final payment during registration, but the first payment (10%)he will be paying for us by cash.i.e. 15 lakhs . kindly advice us if any payment can be accepted by cash or what should be the mode of payment acceptable. as a seller are we bond to make any agreement legally or how? kindly advice



Learning

 2 Replies

Kumar Doab (FIN)     04 November 2017

What is the value of sale at which you have agreed to sell?

Have seller and buyer agreed on paying stamp duty and charges on full value of sale?

There is no hard and fast rule but local practices that property dealers may quote say; 10% at the time of rough agreement  ( Sai) 25%  at time of agreement t sell ( Byana) and rest before sale deed is signed.

Kumar Doab (FIN)     04 November 2017

 

The T&C are to be decided between buyer and seller.

 

Preferably take help of a very able senior LOCAL counsel of unshakable repute and integrity specializing in revenue matters and having successful track record and advise you and draft for you to mind your interest. 


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