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Selling property doubt from a seller
16-Dec-2023 (In Property Law)
Hi, I am selling my property. The actual sell amount and agreement mentioned amount is same.
The buyer is taking some loan from axis bank. Buyer received loan sanctioned letter which mentions loan disbursement depends on property legal/tech verification. Bank executive on call states all legal/tech report clear and you may go ahead with registration. But bank is neither ready to state on email that legal/tech all clear and they will disburse loan to seller after registration. Bank neither is ready to make DD and provide xerox to seller.
Overall, as a seller, I have no confirmation that bank will pay me after registration and submission of original documents. The buyer gets the registration in his name and so is safe. What should I as a seller do - go ahead with registration without bank written confirmation OR not?
As a seller your concerns are understandable that after registration of agreement you may get stuck up if buyer's loan is not approved by whatsoever reason by concerned bank. To safeguard your self , get necessary clauses added to agreement for sale so that you can cancel the agreement if buyer's loan is not approved.
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Adv. Mukesh Vasant Shinde
Thane | 400+ Answers
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You can enter into agreement with buyer of Agreement to sell. In Agreement to sell you can put conditions regarding consideration of agreement to sell.
And after fulfillment of your condition you can enter into agreement with buyer for sale deed of your property.
And after fulfillment of your condition you can enter into agreement with buyer for sale deed of your property.
Helpful?
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Adv. Sandeep Shamrao Pingale
Mumbai | 400+ Answers
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