Payment of property in how many parts?
11-Aug-2023 (In Property Law)
I am buying a flat in resale. Still the registration with is not done by the 1st party, the construction is just completed and OC received. Builder suggested that we should first go for Deed of Assignment, then Sale Agreement and then registration. the 1st party is selling me the flat in 60 lakhs, he bought it in 50 lakhs, 10 L extra. It seems the Builder will do the sale agreement with me based on the 50L only in which the builder sold the flat earlier. So this 10L money whether I should pay to the 1st part while doing deed of assignment ?
in this case you need to make an agreement with the correct amount which you are going to pay. you should not trust the opposite party for any kind of differences in the payment for the flat. the registration fees is to be paid as per the value of the amount for sale.
When first party has booked the flat at that time the price of the flat may be Rs.50 Lakh as flats take time to complete the construction the price might have hiked so calculate it as per the present market price of the flat in that area and then you can go ahead. Usually the sellers don't mention the original price of the property in the sale deed due to various reasons it might be for avoiding tax etc : So let them to mention the sale consideration as Rs.60 Lakh only and you pay the same to first party in which he can pay the 50 lakh to builder and remaining Rs.10 Lakh the first party can keep himself regarding that you leave the understanding between them.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
- Varisan certificate process and fees and from where it is applied
- Legal Documentation for Claiming Ancestral Property Share Without Disp
- Agriculture land and house property are two separate entities or singl
- Grandfathers property sold out by the grand daughters.
- Gift deed from mother to son but paid in cash the property value
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."