Regarding agreement to sell
priyanka
(Querist) 06 February 2014
This query is : Resolved
i m going to buy a home in ghaziabad. it is under construction property, so will be a transfer case. total deal is done in 36.5 lacs, out of which 10 lacs would be paid in cash and rest thru loan. seller asked cash part at the time of signing agreement to sell coz he has to repay his mortgage loan for the same property with this amount. the steps told by he broker to execute the deal are as follows:
1. pay a token amt of 50000 by cheque, a reciept is paid to me and confirmation of deal would also done.
2. after a week, i have to pay 9.5 lac and sign two agreement to sell, one is for full amt of deal and the other is of white part which is 27.5 lac.
3. the white agreement would go to my bank for loan approval and meanwhile the seller close his loan and get the NOC which would be sent to my bank.
4. meanwhile the seller would pay his dues to the builder to get the NOC of builder to do the transfer.
5. as soon as my loan is approved and seller get the NOC from the builder, transfer deed would be signed.
i want to ask the pros ans cons of this deal frm the buyer's perspective and the step in which seller can make any default.
also at the time of signing agreement to sell, what are the points, which i hav to take care
Rajendra K Goyal
(Expert) 06 February 2014
1.paying a token amt of 50000 by cheque, and getting a receipt of it is OK. Agreement to sell should be signed at this point mentioning the terms.
2. Pay Rs. 9.5 lacs through draft payable direct in the loan account of the seller. Paying cash is full of risk.
3. Rest amount can be paid after your loan from Bank on the basis of agreement and NOC from builder. This amount is to be paid at the time of registration of sale agreement/ transfer of the property.
