Vipul 30 June 2015
Is it required to pay full 20% amount to seller before going for property registration? Bank will pay 80% loan after registration is done. Is it okay to hold back some portion of 20% amount and pay to seller upon final loan disbursement approval from bank? Or is there any legal restrtiction that 20% has to be paid before registration of the property takes place?
Jatin Mittal (Corporate Lawyer) 11 July 2015
Hi Vipul
There is no legal backing behind the 20% advance payment. Payment terms are completely dependant on the parties to the deal. Now it depends on you, how much you can negotiate with the seller on the advance payment.
For any clarification, feel free to write to me at mittaljets@gmail.com. No charges for the consultation.
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