Hi
I am in the process of finding a buyer for my land. One of the buyers approached me stating that he wants to buy the land at market value (Rs 20,00,000) but register the land for Guideline value only (Rs 5,00,000). Since the cash transaction might happen 3-4 days before the date of registration, he is suggesting that we create an "agreement for sale" for 20 lakhs where he wants me to sign stating that I received 20 lakhs in cash. Once I sign the sale deed for Rs 5 lakhs he is suggesting that he will mention "Cancelled" on the agreement and he will sign underneath that. While he is saying that this has no risk for the seller (myself) I have the following question:
(i) Along with Cancelled, should I also ask him to write a statement stating the entire amount of Rs 20 lakhs was paid back or something to that extent. What if, after signing the sale deed for Rs 5 Lakhs he comes back asking for the Rs 15 lakhs stating that since the sale happened only for Rs 5 lakhs but he paid Rs 20 lakhs during the agreement stage, I owe him Rs 15 lakhs now.
Thanks.
