Ajay (Owner) 30 March 2014

Advice on buying a residential house with safe measures

Hello

I have to buy a single house in a residential area. Owner is demanding Rs 10 (say) where the registry rate, in that area, is only Rs 4. He is willing to get Rs 6 as black money, in cash, before registry and only Rs 4 to be mentioned on the registered papers. My all money is white and I do not want to take any risk of paying cash before registry is done.

Can anyone please suggest me:-

--What is the best way to make the deal, on papers, where I have the minimum risk involved?

--Which important points should be covered in the agreement?

--Is there any safe way to pay the cash before registry where I still have some proof?

Thanks for the reply!

Regards

Ajay

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3 Replies

T. Kalaiselvan, Advocate (Advocate) 30 March 2014

Before buying any immovable property, please consult a civil lawyer in your locality with all the papers of the property, take his opinion and then proceed with the purchase as per his advice, do not ever be in a hurry to buy a property in which your hard earned money is involved as investment.

Advocate Ravinder (Advocate/Attorney) 30 March 2014

There is no risk at all. 95% transactions are being done in the same manner. If you still insist to give the money in all white money, you can pay, but you have to pay the stamp duty on whole white amount. Apart from that the owner has to accept for the same, because whatever amount you are paying will become as white to his account. Ask him whether he is ready to accept the whole consideration amount as white. If he agrees then go ahead.