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Advance towards purchase of residential property
13-Sep-2023 (In Property Law)
Hello, I am looking for to buy a residential flat. The possession of the flat is December 2016.He is asking me to pay 40% of the total cost now. The builder has said that he register the flat in my name in December at the time of possession of the flat. Please let me know if this is acceptable.
Yes, as per the builder buyer agreement you and the builder might have agreed upon the payment structure. According to it if you are supposed to pay 40 percent then yes you have to pay the said amount. Kindly go through the agreement and the payment structure which was given to you at the time of signing the agreement
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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Hi
First ask the builder to enter in to an agreement of sale (on a 100 rupees stamp paper) clearly outlining the payment terms and also the delivery of possession and also the time line for registration of property.
Make all payment to the builder only through bank till such time the property is registered in your name and possession handed over to you.
First ask the builder to enter in to an agreement of sale (on a 100 rupees stamp paper) clearly outlining the payment terms and also the delivery of possession and also the time line for registration of property.
Make all payment to the builder only through bank till such time the property is registered in your name and possession handed over to you.
Helpful?
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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