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Is it safe to pay the amount by cheque on buying a house?
27-Dec-2023 (In Property Law)
My father is buying a house in Delhi. The seller is insisting us to pay in cheque and he will give the property papers only when he will receive the amount in his bank. Is it safe to pay this way? What kind of documents are required for this type of transactions?
Buying and Selling of property requires great deal of wisdom and precautions. You have to make an agreement to sell to systamize nuances of sale and purchase and to safeguard part payments. it is, however, always good to make payment through cheque mode. But exercise all due diligence of property before giving money. take expert help.
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Adv. Rajinder Pal Singh
Delhi | 200+ Answers
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Can I buy property with cheque?
Property buying and selling requires a lot of caution and wisdom. To ensure that you understand the nuances of purchase and sale, and to protect part payments, it is necessary to sign a contract to sell. It is always best to pay by cheque.
How do I write a cheque payment?
Information about the bank: The check contains the name and address of the financial institution.
IFSC is a 11-digit unique code that is a combination between alphabets and numerals.
Payee Information: Here, the name of the payee must be mentioned.
Date box: Enter the date, month and year.
What is the process of paying by cheque?
The cheque is a piece of official paper that your bank issues to you. Its a little like an IOU. After the company or person pays your cheque, the bank of the other party will ask your bank to transfer the money. This usually takes between one and two business days.
Hi,
After perusing the contents of your query I would advise you to execute an agreement to sell to pen down all these modalities with regard to posession and payment terms. Making a payment thru cheque is always advisable but as a safeguard you should enter into an agreement.
After perusing the contents of your query I would advise you to execute an agreement to sell to pen down all these modalities with regard to posession and payment terms. Making a payment thru cheque is always advisable but as a safeguard you should enter into an agreement.
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Adv. Anubhav Kathuria
Delhi | 500+ Answers
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The registration of a sale deed does not end with the payment of a cheque. Sale deeds must be drafted with a clause that states the sale will only be completed upon cashing the check. It is risky to receive and register sale deeds without this clause.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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