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Alex Chandran   01 March 2018

Selling my housing plot

Hello Everyone, 

I'm planning to sell my plot of 60 X 60 Square feet to three ( BUYER ) office colleagues. Each wants a 1200 sq ft of the plot . On the payment front couple of them might opt for a bank loan, while other will make payment om his savings.

Given this scenario, Please advice on the due diligence & documentation required for a smooth transaction. 

 

PS : Do advice both on the buyer & seller side.  

 

Regards Alex 



Learning

 5 Replies

R.Ramachandran (Advocate)     01 March 2018

First you have to indicate where the plot is located.  Further, one has to know whether any set back (leaving minimum space on four sides or three sides or two sides etc.) has to be given while constructing.

Without knowing the above information, it will not be advisable to give an answer.

T.SRINIVASULU   02 March 2018

U enter into agreement of sale to incorporate all ur terms & conditions including time period
1 Like

Kumar Doab (FIN)     02 March 2018

The seller should have clear title and chain of title docs.

The buyer and seller may have to sign agreement to sell with details of property and consideration…narrated in IT. Take advance payment as agreed say; 25-50%. Narration on forfeiture of advance/refund on accepted terms may be inserted.

The lender may prefer to pay to seller..once loan is approved.

For finer nuances per your personal needs approach your own very able senior LOCAL counsel of unshakable repute and integrity specializing in revenue/civil matters and having successful track record in such matters ……and worth his/her salt……to draft the agreements and deed for you.

1 Like

aravind1234   05 March 2018

Since you're asking this question, I'm presuming that you don't know people who would know other people interested in such deals. You need to network effectively and find out who can help you get in touch with the right buyer. Doesn't help if you yourself are a middleman!

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Alex Chandran   05 March 2018

Originally posted by : Kumar Doab
The seller should have clear title and chain of title docs.

The buyer and seller may have to sign agreement to sell with details of property and consideration…narrated in IT. Take advance payment as agreed say; 25-50%. Narration on forfeiture of advance/refund on accepted terms may be inserted.

The lender may prefer to pay to seller..once loan is approved.

For finer nuances per your personal needs approach your own very able senior LOCAL counsel of unshakable repute and integrity specializing in revenue/civil matters and having successful track record in such matters ……and worth his/her salt……to draft the agreements and deed for you.

Brilliant  Many thanks... we are proceeding with agreement of sale.


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