Rakesh (Manager) 19 November 2014
Hello, i have a flat in Ahmedabad which i am planning to sell. The buyer is insisting on creating a Sale Deed first instead of "Agreement to Sale" (In Gujarati it is called Banakhat).
He has already paid me a token amount of INR 1 Lakh via cheque. I suspect something fishy there as when i spoke with few agents, they all are insisting that "Agreement to Sale" (In Gujarati it is called Banakhat) should be made first and then a Sale Deed.
Can the experts please clarify?
kavksatyanarayana (subregistrar/supdt.(retired)) 19 November 2014
you may directly execute a sale deed in favour of the buyer after taking the consideration at the time of registration of document.
Rakesh (Manager) 20 November 2014
Thanks for the reply. Does the bank release their share after the document is registered or before that?
T. Kalaiselvan, Advocate (Advocate) 24 November 2014
What has bank to do with the property being offered for sale? Is the property on loan from a bank? If so, the bank loan has to be cleared in full then only the bank will release the document. Executing a sale agreement or directly a sale deed after realising the full consideration amount will depend on the situation, there is no hard and fast rules about it.
Rakesh (Manager) 25 November 2014
The buyer is taking a loan from the bank. Bank will make part payment and part payment will be done by the buyer.
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