Improved query - Need details regarding ESCROW account. - part 2
3 years ago
Kindly Consider this query as
I know a person who's willing to Deposit the documents his property worth 30 Crore in Escrow account[not taking loan] & there'll be a Contract Agreement with conditions of situation- when I'll get right to own his property Or i'll get money if the situation of Terms & Condition Arises.
In terms & conditions, it'll be mentioned that I'll get right to own his property or I'll get fixed amount of money when I'll get loss in business because of that person.
Kindly Reply me,
Question.1
Is it Possible the same way ? OR any other way[ name it]?
Question.2
If Situation mentioned in Contract Arises, Will i get property ? OR Money ?
Is anything from Both, possible ?
Ankur Goel @ Complete Law Shield
Responded 3 years ago
where is investment ?
you are talking abt property worth 30 crore and can not approach a lawyer.
want to do business and wasting time in these type of questions then there will be loss only but not because of that person.
Advocate Ankur Goel
(Complete Law Shield) #YourLifeYourChoice
Is it Possible the same way ? OR any other way[ name it]?
A: In ESCROW Account the fixed share of money will only come to your account depending on what has been written in the ESCROW account agreement.
Question.2
If Situation mentioned in Contract Arises, Will i get property ? OR Money ?
Is anything from Both, possible ?
A: Eg - If the property is worth Rs. 30Cr as you said ad you ESCROW agreement is in 60:40 basis then by default if the loan is sanctioned for 30 Cr then 18Cr and 12Cr will be the bifurcation. Also make sure that you will get only 18 Cr. but you will b paying EMI for 30 Cr as your profile is being used. So in this case if your partner fails to make the payment of his share of EMI then your name and profile will go in blacklist and negative CIBIL.
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