Can payment for property be taken in installment even after registration?
2 years ago
Our society has got an offer for outright sale from a builder. Many terms and conditions came up for discussion. For one of such term the builder has told that from the amount payable to us he will pay a part of that amount in four installments after the sales deed is registered and executed. He told that the payment details for four months will be reflected in the sales deed. My question is that can such offer be accepted. What happens if the cheques given for four months returns unpaid? Will the registered sales deed done between us become null and void if he fails to pay the amount mentioned for four months. The amount is about 2 crores of rupees and so much risk is involved. What are the legal options available if he fails to pay the amount?
It will be a very risk job and sale deed cannot be considered as completed one unless entire amount is paid. It seems your builder wants to cheat you by issuing cheques. Never accept for such terms.
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Pardeep Kumar Dhiman Dhiman
Responded 2 years ago
Agar aap kisto ke aadhar par sale karna chate hai tab agreement nishpadit kara sakte hai usme total money ke liye likh sakte hai. Jab total money mil jae tab aap sale deed execute kara le.
Please res
To mitigate the risk what you can do is to take PDC.
Such offers are legal and it can be accepted, however it is advised that all the terms and conditions must be strictly vetted before registering the deed. If the cheque is dishonored, you can initiate criminal case for dishonor of cheque. The deed becomes in-operative due to dishonor of cheque. If the fails to pay the amount, you can file a case for breach of contract, specific performance of contract and dishonor of cheque.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
You are free to contract such terms of payment in installments, but however mention the terms clearly in the sale deed before getting it register. Such offer is legal. If the cheques are returned unpaid, you can proceed to sue the builder for dishonor of cheque and initiate criminal case against him. Whether the deed becomes void or not will depend on the contract terms, but in general it becomes void. If he fails to pay the amount you can sue the builder for dishonor of cheque, specific performance of contract and seek compensation and damages for breach of contract.
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