Hi,
We are resaling a flat for x amount. Our flat is ufinanced from LICHFL and buyer will not take any loan.
In this case buyer will pay a 80% of the x amount and a MOU will be signed . Once we have the noc from the LICHFL which will be in a weeks time after paying them the amount buyer will get sale agreement registered and take possession of the flat.
LICHFL will handover all the property docs within a month. Once we have those, sale deed will be registered after getting remaining 20% of the loan.
Whats are the legal impacts of providing possession letter and the buyer not paying remaining 20% and getting conveyance deed registered.
Can we put a clause in the posession letter that the same will deemd to be void after 2 months of the date in which it is handed over and on registering the conveyance deed a new posession letter is handed to them.
Also if I can get any sample format.
Thanks
