LawRato

Procedure for payment for purchasing a resale flat.


18-Mar-2023 (In Property Law)
I proposed following payment plan to seller for buying a resale flat: 1. Rs 5000 will be paid and documents will be collected for scrutiny. 2. On a positive scrutiny, sales deed will be prepared by paying 1% or 2% of property value. 3. Rest amount will be paid at the time of flat registration after loan gets sanctioned. But Seller proposed following payment plan: This is a ready to move and already registered flat. Amount wise we would like to go as follows. Hope will be okay with you. 1. Booking amount 1L to hold the property for you. This amount will be completely refundable. 2. Agreement of sale amount 2L. 3. Remaining amount on date of handover registration. Now i am not sure how fair it is to pay 1 Lk before scrutiny. Rs 5000 is worth to take risk but 1 Lk does not seems so in case of unsuccessful deal due to any reason. Please suggest.
Answers (3)

Answer #1
900 votes
Without clear search report ,I"ll not suggest any payment exceeding 5% of the agreed upon property value as commitment payment.To carry out Searching​ process at your end, you may pay an agreed amount against irrevocable Bank Guarantee to be furnished in your favour by the seller.For further instructions contact lawRato.
Helpful? LawRato48+ LawRato
Advocate Goutam Majumder

Adv. Goutam Majumder

LawRato Kolkata | 200+ Answers
Chat with Advocate Goutam Majumder Chat 
Answer #2
583 votes
Please contact me on 8777374812. We deal with real estate matters. Hope to fulfil your need as per your requirements. Chamber Address 14, hate street near basanto hotel, opposite telephone house, kolkata - 700 001.
Helpful? LawRato33+ LawRato
Advocate Subhashis Paul

Adv. Subhashis Paul

LawRatoKolkata | 200+ Answers
Chat with Advocate Subhashis Paul Chat 
Answer #3
861 votes
Undoubtedly 1 lakh is grevious than that of 5 thousands. Naturally, nobody would invest upon a property without being sure of its title and position of ownership and possession of the property; moreover, if he/she is that sure about the clear background of his/her property, he/she should not demand a bigger amount before necessary searching by the intending purchaser. Taking such contentions, try to negotiate with the seller and ask him/her to accept Rs 5 thousand before doing necessary searching with respect to the property. All the best. Regards.
Helpful? LawRato50+ LawRato
Advocate Ujjal Kumar Ray

Adv. Ujjal Kumar Ray

LawRatoKolkata | 400+ Answers
Chat with Advocate Ujjal Kumar Ray Chat 

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.

Report abuse?

Connect with top Property lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato