Advance Payment for buying of a property, pls... help
C.A Alok Mukherjee
(Querist) 06 August 2011
This query is : Resolved
A buyer is going to buy the ground floor of the property from the owner. The owner is having one room on the first floor of that house and on receipt the consideration from buyer in form of "advance" / post dated cheques on account of sale of ground floor he will complete the construction of the the first floor, till such time he will keep possession of ground floor.
What are the steps and precautions buyer should follow before making advance /PDCs?
What could be the best suited arrangement so that buyer's interest is protected legally? Please advice.
M.Sheik Mohammed Ali
(Expert) 06 August 2011
you enter proper sellor and buyer agreement, if not to do follow the agreement then file specific performance relief or breach of contract, you may file a suit in this.
ajay sethi
(Expert) 06 August 2011
1) let the first floor be constructed , let occupation certificate be issued then buy ground floor of property .
2)let he seller obtain laon from bank for construction of first floor why should you finance construction ?
3)in the event construction is not completed in time say withinn 1 year then your posession will be delayed.
4) if posession is delayed is the owner going to sell you ground floor at lower rate
5) if inspite of what is staed baove , you want to go ahead enter into agreement with seller .have it duly stamped and registered . mention period withingn which construction will be coompleted and in the event of delay remedies available to buyer
