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Builder is asking for cheque for 90% amount for his safety
05-Feb-2023 (In Property Law)
Hi Sir
I have booked a flat in navi mumbai and given 10% down payment to builder as well as sanction letter of 90% amount from Bank.
But builder is asking for security cheque of 90% amount .
Builder is telling us that in case bank will unable to disburse rest of amount due to any reason after property registration then he will use this cheque and bounce them and then sell my flat to another consumer.
I have asked builder i will give cheque but you need to add cheque number in agreement with clause or you need to give me written in your letter with cheque no as well term and conditions when to use those cheques but he is not ready for this.
Kindly suggest.
My Response to your query:
If you have paid 10% amount and 90% amount from bank than there is no issue with respect of other check. Builocant ask such extra cheque you can deny for that. This act of builder is illegal.
If he want security than he have to mention that all in registration and also have to mention that if bank payed 90% amount after that he will return that cheque.
Better way don't cauntinue with this deal you might be suffer from loss as intention of builder is not clean nature.
For More detail you may contact me
Helpful?
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Hi, Since you have paid the booking amount of 10% and already have the bank sanction letter it is enough to have the registration done. In the registration document, it should be mentioned if the rest of the 90% remains unpaid the agreements stands cancel and builder can sell it to another party. There is no need for submitting your cheque as security which can be used otherwise for any means. Let me know if I can be of any further help.
Helpful?
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Adv. Bindu Kamlesh Dubey
Navi Mumbai | 25+ Answers
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