Bank guarantee in case of selling house do sale deed before
ChandanLawyersclub
(Querist) 20 January 2015
This query is : Resolved
I am selling house at 105 L
My buyer is selling another properly for the same at 60 L,
70 L he is taking a loan.
His criteria for loan is only 70L.
Bank is telling me you need to first transfer the sales deed to him, then only we can take the documents and give the money.
Bank is J&k bank. I am bit uncomfortable if I do not get my money and I have signed the sale deed.
Do banks give guarantee in such cases and what happens if banks say some problem , they can not give 70L.
Pl. suggest what is the best way, Normally for such high value buyer can not arrange funds in short duration, he need to
Regards
Chandra
Kumar Doab
(Expert) 20 January 2015
Your apprehensions are right.
Don't agree.
To arrange funds to buy is responsibility of buyer and not yours.
The banks agree to disburse on the basis of agreement to sell.
If bank do not agree let the buyer go to another bank.....
ChandanLawyersclub
(Querist) 20 January 2015
thx
I have planned to show original document to Seller's bank, let them process the loan for buyer and come along DD of 70 L on the day of registration. Let them show be DD, That DD no will be in registered deed as payment.
Once I sign, same time I get the DD.
Is it Ok to follow this process. Is it safe
Regards
Chandra
Kumar Doab
(Expert) 20 January 2015
Preferably show the documents to a lawyer dealing in such/civil/revenue/property matters and let your lawyer draft a suitable agreement for you.........The amounts involved is high and a lawyers consultation shall be of help to you.
Register the agreement to sell.Mention that the copy of the title with number.........dated...... has been provided to buyer and original has been shown.....amount received as advance.......and balance to be paid at the time of registration.........on date of registration i.e. dated............and if not registered by this date the advance shall be forfeited.......and seller shall be free to sell to anyone else............
Usually it is stated that all amounts have been paid by buyer to seller........you can replace it with that DD no.........dated.......for rs........drawn on bank........has been handed by buyer to seller in front of registering authority.......
It is reiterated that let your lawyer draft the agreement.........and you should proceed as advised by your lawyer.....
Rajendra K Goyal
(Expert) 20 January 2015
You should not agree to such proposal. Agree with the advise of expert Kumar Doab.
