What should I do when buying a flat with advance payment?
Hello, I am buying an old flat for 78 lakhs. The owner of the flat is an elderly lady who received the flat as a gift from her son through a gift deed. We are entering into an agreement to sell, and I am paying 10% as an advance right away. They will hand over the flat and complete the registration in July 2024 after I pay the remaining amount of 70,20,000/-. I have a few queries: The owner is insisting on handing over a post-dated cheque for the remaining amount of 70,20,000/- dated July 2024 at the time of the agreement to sell. Is this correct? Who should be the parties to the agreement to sell and the sale deed? Is the old lady enough, or should I involve her husband and children as well? Should I get the agreement to sell registered, or is a notary enough?
In property deals, a post-dated cheque arrangement is common and should be clearly stated in the agreement. The elderly property owner should be the sole party to the agreement, but her family should be consulted if there are any claims. The agreement to sell must be notarized, while the sale deed requires registration. For further legal assistance contact us on our helpline number.
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