I have a property in U.P and someone has finalised it to purchase, but I need six months to relocate to a new place and the buyer is ok with that on his following conditions
1. He would pay 1:1 as black n white money
2. He would pay 1 lc rs cheque as a token money and then he would pay rest black within 3-4 months, and rest white money in last month (sixth) at the time of registration as per his condition.
I just need to know if I follow this way of deal what is the chances of getting fraud…..is it the right way of doing it and what if he wants me to sign some documents as an acknowledgement, WHAT SHOULD I DO IT?
I’m confused so much in a whole situation….
1. That he might prolong the deal for more than 6 months.
2. He could also put my property in a condition so that I can’t sell it to someone else if he doesn’t come in 6 months. And with this further he could try to take advantage to negotiate more.
JUST LET ME KNOW WHAT IS THE WAY THAT DEAL GETS FINALISE AND WHAT ARE THE PRE DOCUMENTATION REQUIRED IN A DEAL TO AVOID ANY SORT OF FRAUDULENCY.