hello respected members and advocates...need advice on this particular situation....
mr.x had taken a bank loan on account of keeping his house worth 70 lacs to bank...house was on name of mr.x and his wife mrs.x in equal ratio...now mr.x was not able to repay the loan amount so bank was selling his house in auction for 70 lacs...mr.x wanted to save his house but he didnt had money ...so he settled the amount with bank in tune of 70 lacs and took time till 25 september 2011 to pay money to a bank...meanwhile he met mr.y and asked for help from him..mr.y was ready to give money but wanted some guarantee for the money ...so mr.x did an agreement of 15% share of his same house which was worth 10.5 lacs...now mr.y gave 5 lacs cash to mr.x and according to agreement between x and y rest 5.5 lacs were to be given on 26 august2011 at the time of registry..but as now the original registry of house is with bank and it will be releases on 25 septmber but mr.x is demanding money in advance from mr.y to pay to the bank...
how mr y should pay this money in advance without registry..mr.y already paid 5 lacs cash in advance and now is thinking of giving rest 5.5 lacs by a/c payee cheque.. and getting a full and final receipt of the agreement...now the query is...wht r the available optons in this case and how full n final agreement should be writtne and giving money by cheque..whts its legality...???thnx in advance
