LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Sagen Murmu   19 October 2024

Advance money given to developer

A sale agreement was made for an under construction property amounting to Rs. 56,06,000/-. Rs. 1,00,000/- was given as a token amount which is also mentioned in the sale agreement. However as the loan approval process was getting delayed, and was quite un-sure about amount of loan to be sanctioned, promoter asked me for some money which will be adjusted later. I have already given him a total of Rs. 14 lacs, out of which 5 lacs into the promoter's official account and rest to his personal account. Now my loan has been approved to a tune of Rs. 56,06,000/-. Now my promoter is saying as I have already given him some money, he will bear the expense of Stamp Duty, Registration Charges, GST, and other small constructions on behalf of me.. and the rest of the amount will be refunded back after deed registration. I am unsure whether my promoter is playing some kind of trick or not. Please guide me, what next to keep in mind to be safe.



Learning

 2 Replies

T. Kalaiselvan, Advocate (Advocate)     19 October 2024

If you suspect the builder to indulge in any foul play then you may have this subsequent payment recorded by obtaining an acknowledgement for the receipt of this amount.

This will protect your interests in the property and the money you already paid.

If necessary you may enter into a supplementary agreement mentioning the conditions imposed now.

kavksatyanarayana (subregistrar/supdt.(retired))     19 October 2024

Yes.  I agree with the advice of the expert Sri T.Kalaiselvan sir.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register