Vipul 27 June 2015
Is it possible to include termination clause in a flat sale agreement which is going to be registred at sub-registrar office? Can someone plz send some example? I was told that for registration there are set of clauses and termination clause is not supposed to be included. Basically I want to make sure that if bank loan is not approved, then as a buyer I should be able to call off the deal and get refund of consideration amount paid to seller.
Nitish Banka (lawyer) 27 June 2015
It can be a part based on mutual understanding
Adv. Nikhil Seth (legal consultant (9867264707)) 28 June 2015
Adv. Nikhil Seth (legal consultant (9867264707)) 28 June 2015
Adv. Nikhil Seth (legal consultant (9867264707)) 28 June 2015
Adv. Nikhil Seth (legal consultant (9867264707)) 28 June 2015
Adv. Nikhil Seth (legal consultant (9867264707)) 28 June 2015
Adv. Nikhil Seth (legal consultant (9867264707)) 28 June 2015
Vipul 28 June 2015
Thank you. One more query in this context is, is it required to pay full 20% amount before going for property registration? Bank will pay 80% loan. Is it okay to hold back some portion of 20% amount and pay to seller upon final loan disbursement approval from bank? Or is there any legal restrtiction that 20% has to be paid before registration of the property takes place?
ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING) 02 July 2015
ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING) 02 July 2015
Arnab Banerji (Mob:- 92-3001-3001 CIVIL & CRIMINAL ADVOCATE civilandcriminaladvocate@gmail.com) 17 July 2015
Termination clause can always be there in agreement for purchase of property. Actually the agreement is executed in mutual parties consent and hence your said clause has to be there. But termination clause can never exist in deed of conveyance that is the deed of purchase of the property. These are two separate things actually. First you check you details with bank whether you are eligible for bank loan. Then you have do the necessary searching of the said property, in order to check whether the property is litigation free to get purchased. Now make an agreement and approach the bank. The bank will again do its searching on its own as their procedure but you will get the loan on their searching report and also on the basis of your solvency. This is the procedure. Reading this may feel hectic but you will be relived from all harassments at a later periodwhen you will be getting the possession of the said flat. Do not do it on your own, rather consult a Ld.Advocate to help and guide you.
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