You have initiated many threads on the same matter e.g.
https://www.lawyersclubindia.com/forum/Buyer-insist-registration-first-take-remnng-amt-chq-hdfc-loan-latter-73697.asp#.UQKW-zfZ1JI
Buyer insisting on us, to do registration first, once reflects in EC. He will Submits those document to His HDFC and then he collects remaining amount cheque and then he will handover that cheque to us. My question is how can i do the registration without getting the amount. Buyer saying it's HDFC HOME Loan procedure. How come a Bank will have this kind of procedure
https://www.lawyersclubindia.com/forum/Buyer-saying-do-the-registration-first-and-after-the-reflection-in-EC-Take-the-rem-cheque-73097.asp#.UQKX0TfZ1JI
Buyers wants property document without paying last final amt . he cleared my mortgage property.
In Term and condition we mentioned that if the full amount is not paid within one month of agreeement. Then the agreement is canceled.
https://www.lawyersclubindia.com/forum/Urgent-can-any-one-help-no-legal-expert--73505.asp#.UQKYeDfZ1JI
Now he is saying do the registration on his name and After reflecting in EC then he will take us to his HDFC bank and collect the remaining amount cheque.
https://www.lawyersclubindia.com/forum/Cancelation-of-agreement-73505.asp#.UQKZDjfZ1JI
In the current thread you have posted that:
--“ I was told by the buyer that HDFC Home loan will not release the remaining balance cheque without the sale Deed on my Buyers Name.”
This implies that Bank shall not issue cheque in the name of seller.
It seems strange….different from normal practice…
Banks normally ask for sale agreement and prefer to prepare the cheque in the name of seller. Bank may accompany the buyer and seller and handover the cheque before registering authority.
Valuable advice of learned experts/members is sought.
--“ Now buyer insisting on us to go ahead of registration of my property with his personal bank account Cheque details in the registration document.”
If the cheque number mentioned in the sale deed is returned unpaid the sale deed can be cancelled. However it shall be appropriate to include a clause in sale deed to this effect and set a specific time.
You must not accept the cheuqe for amount more than the amount of property mentioned in sale deed to be registered in Sub Registrar’s office.
e.g. if property is to be registered for say Rs.10/- lakh you should not take cheque for more than Rs.10/-lakh. Rest you may collect in cash.
It shall still be better if you can collect say Rs.8/- lakh {out of amount for which property is being registered} and Rs. 2 lakh by cheque.
As a seller your interest should be to collect as much as possible before sale deed is registered.
--“ Once the registration done take the receipt with you on that and collect the sale deed agreement and keep with you and then buyer will take me to HDFC Bank home loan to collect the remaiing cheque.”
As the bank is issuing cheque in the name of buyer what cheque this bank shall issue in the name of seller later???
It appears that bank shall handover the cheque in the name of buyer later and buyer wants to satisfy you that he has got the instrument sufficient to clear the cheque mentioned in sale deed.
If you want to be extra careful you may ask the buyer to open an a/c in the same branch of HDFC Bank from which loan is being availed by buyer, and to issue you the CTS cheque of this branch of HDFC bank only and yu may mention this chequ number in sale deed to be registered.{ As per latest RBI bank guidelines effective march CTS cheque only shall be entertained for banking.}
You may also open an a/c in the same branch of HDFC bank and obtain CTS cheque book.
After both of you have obtained the cheque books, you may proceed further.
After the sale deed is registered buyer may deposit his cheque collected from HDFC bank on the spot in his HDFC bank a/c for instant credit of funds. You may collect copy of /c statement on the spot under seal and signature of BM/PB Authorizer.
And you may deposit your cheque collected from buyer in the HDFC bank {same branch} for instant credit of funds in you’re a/c. You may collect copy of /c statement on the spot under seal and signature of BM/PB Authorizer.
Then you may withdraw the funds on the spot.
Then you may handover the property documents to the buyer.
You must keep notarized copy of the sale deed, with you.
You must keep your 2 witnesses with you to sign as witness before sub registrar.
---“How come i do registration without getting HDFC banker cheque on the same day of registration.”
If you wish to accept the cheque issued by HDFC bank which is disbursing loan to the buyer, favoring you stick to it.
As advised by Mr. Sheikh collected duly attested copy of the loan sanction letter issued by HDFC bank. Preferably show it your lawyer.
Lots of discussion has happened on many of the threads initiated by you.
In case of apprehensions it shall be appropriate to approach a lawyer dealing in revenue/property at your location or for that matter any lawyer amongst your near and dear ones and ask him to prepare docs for you and take him with you for completing the process to your satisfaction and you may pay a reasonable fee to your lawyer.
Kindly proceed under expert advice of your lawyer.
Valuable advice of learnd experts/members is sought.
