Accepting cheque while registration of property
Rahul Mishra
(Querist) 22 September 2013
This query is : Resolved
I am selling my property where buyer is availing the loan where bank is issuing the cheque and not dd which will be given at the time of registration.
Though there is a low probability, but what happens if cheque bounces or doesn't get paid on time. Can I put the term in sales deed that possession of property will be given only after realization of payment. Does this makes it a conditional sales deed?
What is an alternate way to deal with this?
V R SHROFF
(Expert) 22 September 2013
Timely Payment can be made essential Terms of contract.
You can put the term in sales deed that possession of property will be given only after realization of payment
Rajendra K Goyal
(Expert) 22 September 2013
Cheque drawn by a Bank is DD(payable at the same Branch).
However, you may put the term in sale deed, though no need exist.
C.V.Kansara
(Expert) 22 September 2013
Follow the advoce of experts. Be causious now a days.
ajay sethi
(Expert) 22 September 2013
it is bankers cheque issued . it would be honoured on presentation .
Advocate Ramesh
(Expert) 23 September 2013
In local itself, the bank's won't give D.D., they only give Bankers cheque (i.e Pay Order). It is like D.D. Only outstation they will give Demand draft.
H.M.Patnaik
(Expert) 29 September 2013
Yes, it's a Banker's cheque that any bank issues on such occasion to fulfill the obligation and it gets credited to seller's account without any hassle . So, there is no need to worry at all in my opinion.
