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Janak (Retired)     30 June 2018

Sale of my flat

I intend to sell my flat for 34Lacs. The buyer to avail of bank loan. 1. Buyer wants property documents. How much money should I demand as token money to share the documents? 2. Whose lawyer should prepare the Agreement to sell? Who should bear the legal charges? 3. How much loan bank would approve of 34lacs is not known. So what amount down payment upfront should I demand on date of execution of Agreement? How to secure the payment of balance amount which is not covered by bank loan? 4. Bank to pay the loan amount by bank draft to be handed over only on the same day after the registration of the sale deed. So my title, right and interest all would be transferred in favour of the buyer with the majority portion of the sale consideration value in the still in the hands of the bank not received by me. Is it safe to register the conveyance before receiving the full consideration value in hand? How to secure and protect my interest so that I do not lose all rights, title and interest on my property without receiving the full payment? What safeguarding clause/s can be incorporated in the agreement? Awaiting your valued opinion.


Learning

 1 Replies

Krishna   30 June 2018

10% of sale value, give Xerox copies, take cash at your home on the day of registration and balance bank amount at registrar office. if you think more n fear you will not sell

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