Property

Querist : Anonymous (Querist) 23 May 2010 This query is : Resolved
Sir, I have sold my flat in Navi- mumbai. The flat is on loan and balance it to be paidoff. The buyer wants to sign deed of assignement before closure of the loan. It was agreed between us that buyer will apply for home loan and offset my loan against his loan approval. I want him top pay me the difference but he insist that deed of assignment to be signed an he will pay me the differnce and loan amount will be settled directl later. Is it right to do so.

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Raj Kumar Makkad (Expert) 23 May 2010
If entire terms and conditions are clear in writing having two independent witnesses and the agreement is registered then there is no problem for you to accept the suggestion of the buyer.

Querist : Anonymous (Querist) 24 May 2010
Dear Mr. Raj, Thanks for your kind reply but then what happens to my home loan account if the buyers loan doesn't get approved for another 2 months. He is telling me to issue a stop payment instruction to bank. Will bank accept this and relieve me of all dues the day I sign deed of assignment.

Swaroop Godbole (Expert) 24 May 2010
no i thnk that it is not right.
you may:
1. you have to enter into agreement to assignent containing all these clauses regarding loan etc.
2. let him apply for loan and get it sactioned.
3. clear up your loan.
4. enter into deed of assignment

Querist : Anonymous (Querist) 25 May 2010
Dear Mr. Swaroop, Thanks for your kind reply. I have one more question...since I don't want to sign the deed of assignment the customer wants me to wait till deadline date for complete payment. The date of registration was 11 march and notice period of payment of balance is 90 days i.e. till 10 June. I have given him the possession of the flat..What options I have if the customer is not able to pay the balance amount by 11th June.

Thanks for your quick reply.

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