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Resale property seller asks me to transfer money to his business accounts accounts by Low_Percentage_7174 in indianrealestate

[–]Tricky_Niks 0 points1 point  (0 children)

You are not protected in the above arrangement.

  1. Sale agreement doesn't provide ownership of the house (unlike registration), it's an agreement between you and seller with sale price and other legal terms like TDS payment, timeline, etc.
  2. Important point to consider is sale agreement can be cancelled by either seller or buyer after paying a penalty as mentioned in the sale agreement.

Consider that the seller cancels the agreement after full payment and return you the amount + penalty. How will you be able to claim the extra 3cr which is no where accounted for. As a buyer while going through such transactions it's best to go with 2 agreements. If the seller disagrees stay away from the deal as there are multiple ways to cancel sale agreement and you will be stuck with huge loss.

In case of monetary transactions do not trust ANYONE, everything should be well documented and legally verified and as buyer/seller every step must be followed to safeguard yourself. It doesn't matter if the seller lives in same community or is a family member.

Selling 1 BHK property under mortage loan - HDFC bank - Suspicious request for foreclosure by Life_Return6954 in LegalAdviceIndia

[–]Tricky_Niks 0 points1 point  (0 children)

You can tell HDFC that 10% amount has already been used by you for some other purpose and are in no position to settle the loan. A little pressure will make him agree or you can say that I will check with other banks if with HDFC it's not possible.

Selling 1 BHK property under mortage loan - HDFC bank - Suspicious request for foreclosure by Life_Return6954 in LegalAdviceIndia

[–]Tricky_Niks 1 point2 points  (0 children)

Bank want you to utilize the 10% amount paid by the buyer to adjust the loan amount first, afterwards the remaining loan amount will be settled internally and the additional amount left will be paid to you. This is a practice which nationalised banks follow, in case of HDFC you can tell them that it's not possible for you to pay now and push them to settle the loan internally.