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sameer   27 December 2018

Agreement of sale or mou (flat resale)

I am purchasing a resale flat and have applied for home loan from the same bank in which the current owner's loan accoutn exist. Current owner has a loan of 36 lacs while I will be taking loan of just Rs 30 lacs. The rest of the amount i.e 8 lacs is to be paid via cheque for down payment. The current owner is insisting that I make a Memorandum of Understanding and pay him the money instead of making an agreement of sale because apparently he is quite loan-ridden and wants to save interest asap. How safe it will be to pay him based on MoU (8 lacs). Mind it - i won't really like this nice deal to slip from my hand and want to get things binding quickly.


Learning

 3 Replies

498A Victim   27 December 2018

do sale agreement and pay advance by cheque, mention cheque numbe in agreement

Kumar Doab (FIN)     29 December 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)     29 December 2018

Before attaching any document erase all names, logo, email id, phone number, address etc to maintain confidentiality.

Obtain proper legal opinion in writing from LOCAL counsel specializing in concerned field of law.

Your counsel can opine on Title being good and clear or not!

The said property si pledged to any other lender or not etc ?

If Title is not good/clear then there is NO point in proceeding further.

And may opine to register Agreement to sell

And even lender/bank may want Agreement to sell


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