Hi,
We have around 25 cents of residential land in chennai. We are in a situation to offer this land to builder for construction of apartments;. We have a plan to give it to him for let out and we quoted certain amount, he agreed to that. But he is willing to pay the entire amount in 3 installments (1. At the time of launch 2. After 6 months 3. Then after 6 months) by provided post dated cheques for these 3 payments. We are saying him, part by part we will execute sale deed on our property based on the installment amount. Some how he wants athe entire property for his promotion.To compensate this, he is telling to offer the equivalent property as security (Collateral Agreement). Here we have the following doubts.
1. Whether shall we go ahead with sale agreemnt / collateral agreemnt for this deal? Do we need to execute General power of autorny (irrevokable /revokable) for this deal?
2. How to control builder if he is in struck in paying his installments? What will be the procedure for post dated cheques?
3. Going the way, if the builder stops his construction work / contract for some or the other reasons, how to liquidate our property's value with Security / our own property?
4. If we go with security property offered by him, Do we need to get irrevokable power of autorney / sale deed pm this?
