How to make buyer to pay balance amount

Mazher D Khan (Querist) 12 October 2018 This query is : Open
Hi Sir

we have done sale deed for property . we have got 2 post date cheque for balance amount of transaction. All cheque details are mention in agreement . buyer has paid first cheque amount also. now for payment of last cheque he need more time to adjust money. In more 20 days cheque will be invalid as it will cross 90 days from date mentioned on cheque. Buyer is ok for giving different chequqe as replacement of invalid cheque.

Need advise, is it legal to take replacement cheque , if yes what legal documentation we should do so that in future if new cheque bounce we can take legal action. we are ok to provide him some time but he should be legally bound to pay.

Thanks

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Guest (Expert) 12 October 2018
Along with a replacement cheque, take a written request for replacement of the previous cheque with a fresh cheque with reason duly quoted by the buyer on his request letter, as well as undertaking given by him that his new cheque would not get dishonored.

You can also be free to take a promisory note from him.

However, it would still be at your sole discretion to accept or reject his request by relying on his promise.

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Mazher D Khan (Querist) 12 October 2018
Thanks for reply sir. Request for replacement cheque should be on any stamp paper ? it is required to be Notarized.

Thanks in advance.

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