A house is owned by my father.We found a buyer through a relative. The buyer is very well known to one of our relative. The price agreed for sale is Rs.100.00 lacs.
Since, the buyer very well knows the intermediate person(our relative), he agreed to enter into agreement for sale with my signature(not my fathers sign). The property is located in a different city and my father cannot travel. Hence, I signed the agreement to sale on my fathers behalf. The agreement to sale does not specify that No POA was executed in my favour. The buyer did not ask for the POA to sign the agreement to sale as he was very well known to our relative. Since, my father was not signing the agreement to sale, the buyer wanted to have the original property file as a kind of a surety that we would not back out from the deal. We handed over the original property file to the advocate of the buyer.
The buyer paid Rs. 30.00 lacs in cash at the time of agreement to sale. Remaining amount is to be paid in 3 months.
The registry would be done for a value of Rs. 40.00 lacs.(Jantri/Guideline Value).
Now the buyer wants to pay additional 30 lacs- 20 lacs through cheque and 10 lacs in cash.
Query 1: Should we accpet the 20 lacs amount through cheque at the moment or should we accept the white payment only at the time of registration?
What precautions should we take in the entire transaction?
