PD (Director) 02 June 2013

Please guide me

Dear Lawyers,

Please guide me on what's the best option. I have a property I want to sell in Hyderabad. The buyer is my tenant and we have reached an agreement on the price.

He wants to take a loan, so the bank is asking him to get an Agreement of Sale done. I'm interested in a one-shot deal.

How can I make this deal move forward? I feel getting into an agreement of sale means if he has any issues with paying up then only recourse I have is to go through the courts. Especially since, he's living there already its a greater risk.

Does the bank branch manager have power to get his loan approved without an agreement of sale? I was really hoping that the bank will get the DD to the registrar office, we will exchange the funds and documents there and close the deal.

Please help me.

Thanks, PD

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3 Replies

adv. rajeev ( rajoo ) (practicing advocate) 02 June 2013

Buyer is completely depended on the bank loan. If loan is sanctioned what you will do. You can sell it at one stretch, but what is the gurantee of loan. So advise your tenent to take the loan from some one and pay the sale consideration and immediately after sanction he can pay it.

adv. rajeev ( rajoo ) (practicing advocate) 02 June 2013

another suggestion, it is better to execute the agreement of sale, if he failed to pay the amount you can cancel the agreement of sale..

PD (Director) 02 June 2013

Problem with executing an agreement of sale I thought was that if they buyer did not come through and started created problems, then wouldn't my property get stuck in a dispute?