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Gaurav G   30 November 2018

Need help regarding sale deed clause

Respected Sir/Ma'am,

We are selling our property in Delhi. In property documents, we have agreement to sell year-1981 duty attested by Notary public & registered will deed Year-2009. Buyer is purchasing this property through loan from NBFC (Shubham Housing Finance Development Company Limited). Buyer housing loan has passed & disbursed from Shubham company and buyer will handover the original cheque to us after sale deed registration when we will handover the sale deed receipt to buyer housing finance company lawyer. Buyer lawyer had send the draft of sale deed to us and we added some clause related to surety of cheque receiving & its clearance and property possession. Please suggest me regarding this clause. Can we add these clauses in the sale deed or not and suggest me what we can add in the sale deed regarding it which don't create problem for seller & buyer. We need your suggestion regarding this matter.

As loan approval, Buyer housing loan company dsa have only send to him photo of sanction letter and cheque by WhatsApp in favour of seller but housing company have not send any letter, email, mail & message regarding loan approval to seller.

Clauses :
Actual Clause-
That the vendor has delivered the vacant and physical possession of the said property hereby conveyed unto the vendee who has occupied the same on the spot.

Edit Clause:
That the vendor will deliver the vacant and physical possession of the said property after clearing the balance payment cheque No.________ of INR 12,46,570/- and vendee agrees to the same.
(Note: Buyer lawyer is saying we can't add this clause in sale deed if we can't add then what we can add or what is the alternative option (other documents) for this.


New clause added:
The validity of the Registry and all the clauses related to the sale deed are subject to clearance of cheque no.___________ of 12,46,570/-. In case the vendor doesn't receive the amount via the aforementioned cheque the whole deal stands null and void.


Our main concern is that due to any reason, after sale deed registration, m, if housing company lawyer don't handover the or cheque dont clear from bank then what is the procedure of registry cancellation in that case. Please suggest and if you require any other details then please let me know.


Learning

 10 Replies

NSV VARA PRASAD   30 November 2018

file a Cheque Bounce Case.

Bharatkumar (ADVOCATE )     30 November 2018

if cheque is not clear then you can file a case as per section-138 of Negotiable Instrument Act, and file civil suit for cancel registered Sale Deed due to payment not received by you as per mention in Sale Deed. Thank You
1 Like

SHIRISH PAWAR, 7738990900 (Advocate)     30 November 2018

Send notice for cheque bouncing and later on not paid file complaint u/s. 138 in the court and file suit for cancellation of sale deed in civil court.

1 Like

Gaurav G   30 November 2018

Query-1
Approx how much time & money will spent to follow the procedure related to cheque bouncing notice & complaint against under section 138 and file civil suit for cancellation the sale deed..

Query-2:
Who will keep the possession of property if cheque not clear but sale deed cancellation process is under process.

Kumar Doab (FIN)     30 November 2018

The NBFC that is passing the loan may be taken into confidence by buyer and seller and seller may ask to handover the cheque before deed is signed and/or before they appear before registering authority and/or before registering authority..

Any clause that is acceptable to one and all can be added.

Otherwise the seller has a right to protect his/her interest and ask for suitable clauses to be added. The counsel of seller is to support seller’s contentions like buyer’s counsel.

The lender may/may not agree for possession after cheque is encahsed since IT shall protect IT’s interest to have charge at once.

If you are interested to sell tread carefully and negotiate by remaining gentle and amibale.

In case of cheque retruned unpaid the seller can approach registering authority, court..

 

Take your own counsel's help and let your counsel negotiate skillfully for you.

In cas of adverse event your counsel is to fetch ou relief from courts of law.

1 Like

Gaurav G   01 December 2018

Thanks a lot for your valuable reply and support and giving advice regarding this matter.

Gaurav G   01 December 2018

Thanks a lot for your valuable reply and support and giving advice regarding this matter.

Kumar Doab (FIN)     01 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. This apllies in situations as in query as a very able LOCAL counsel cam defend the interest of client e.g; seller.
1 Like

Kumar Doab (FIN)     01 December 2018

 

 

Usually and ideally the cheque of Lender/NBFC may not be returned unpaid.

The Lender/NBFC may ….may ask to collect cheque from IT’s office after sale deed reaches IT’s office.

If a seasoned employee/Lender decided to return the cheque unpaid ………….due to some tangible and prudent rreason, then IT may create circumstances to avoid harsh provisions of law..

Therefore IT is in your intrest to request your local counsel to draft so as to mind your interests…

Show all communications/record/instances/inputs with your LOCAL counsel.

1 Like

Kumar Doab (FIN)     01 December 2018

You are welcome! Wish you the best.

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