Vasant Horapeti (ABC) 17 April 2014

Property sale agreemtn

I need legal expert advice for sale agreement condition. Please help

I am interested to buy a site in Bangalore. The owner has agreed to sale his site for an agreed amount. However he has put a condition that I need pay 45% of total site amount at the time of agreement. He has a loan against the property. He would be using given money to get his property documents released from the Bank. He also said all the original property documents will be given to me at the time of agreement. I will hold them until the registration. I will need to pay remaining amount at the time of registration. I would like to know if its safe to pay 45% of total amount at the time of agreement or will there be a risk on this?

There will be 15 days of time given to take legal opinion on the property before the agreement.

What are precuationary measures should I take care if there is no risk involved and go ahead with the deal? Please help

Thank you in advance.

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3 Replies

Mahesh R. Sonawane (Lawyer/Fight for justice) 17 April 2014

1.Take legal search report of the property from the Lawyer.

2.Issue paper publication in respect of property...

3. Thereafter if there in no any adverse remark or objections, then proceed for the agreement.

4. In agreement if you get possession of the property on 45% amount then it will be better.. safe side for you.

SeekAdvice India (NA) 17 April 2014

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Vasant Horapeti (ABC) 18 April 2014

Hello Mahesh,

Thank you for your prompt response. Appreciate your advice.

I am little bit confused regarding possession of the property. If I hold the original documents of the property, does it mean that I will have the possession of the property? I am worried the period from the date of agreement until the registration. What are the worst things that can happen since I will be giving 45% of amount. Will the original documents hold upper hand and he won't be able to sell the property to anyone else?

Thank you again.