Pratik Patel 29 September 2022

Sale Agreement Payment

Hello, I'm selling my flat and received Token amount from Buyer
now Buyer want to make Sale agreement of Sale deed Amount

actual selling price of Flat - Rs 33.5 Lakh
Sale Deed - 26 Lakh
7.5 Lakh in cash
so buyer want to make Agreement of 26 Lakh and says he will pay 7.5 lakh Cash during Property Registration

it is safe? what if buyer refused to pay 7.5 lakh cash by stating Sale agreement of 26 lakh only ?

Please Advise how to proceed

Thankyou.

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5 Replies

Dr J C Vashista (Advocate) 29 September 2022

Get 2 different agreements to sell executed, one for Rs.26 lakh for documentation and another for Rs. 33.5 lakh, i.e.,actual sale price.

When you receive complete consideration amount destroy the agreement of actual sale i.e., Rs. 33.5 lakh in presence of buyer.

It is as prevailing practice in real estate.

Pratik Patel 29 September 2022

Thankyou sir for information, one more query
what of Buyer agree to make only one Agreement of Actual Sale price - 33.5 lakh with mention of cash payment, it is possible?

kavksatyanarayana (subregistrar/supdt.(retired)) 29 September 2022

Yes. It is possible.

Advocate Bhartesh goyal (advocate) 30 September 2022

Yes get single agreement to sell executed with actual sale price mentioning therin mode of payments.

Pratik Patel 30 September 2022

Thanks all for help, I've talked to Buyer and he is ready to make Agreement with Actual Sale price with cash mention, but I read somewhere that Cash transfer more than 20,000 is restricted and Seller will have to pay 100% penalty, so is there any problem if i accept 7 lakh in cash with mention in Sale Agreement for same?