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Cheque as security for land purchase
08-Oct-2023 (In Cheque Bounce Law)
Hi. I want to enter into a deal with land broker for purchase of land from seller. Land Broker made an understanding with seller for his land sale. Can I enter an agreement backed by receiving cheque from him and mentioning the same in the agreement also. Will I be legally safeguarded by law if he refuses to pay my money back if purchase is not happened due to some reason.
Security cheques though recorded in the agreement may or may not be actionable in the courts. If the payment due (under the land agreement) if it is construed as debt currently payable for the reason of commission, services, or expenses incurred in your situation, it may be enforceable. The clause in the agreement should clearly stipulate in appropriate terms.
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Adv. A.R. Poorvaja
Coimbatore | 25+ Answers
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