How safe is it pay 20-30% of agreed amount after Transfer memorandum
1 year ago
Hello everyone,
We are thinking of buying a property in Noida. It's a Noida authority plot. We and seller have agreed on a specific price but now seller is asking to pay 20-30%(whatever amount we want to pay other than bank loan) to Seller after signing agreement and TM on the same day. Usually people pay 10% of agreement signing and remaining after getting bank sanction approval. How safe is it to pay extra 10-20% just after TM. What are the chances that even after TM there can be something wrong from seller's end and deal would be cancelled ? or everything related to checking of sellers papers, ownership and others things would be already be taken care during TM?
If u r entering into sale agreement, get it registered to be on safer side. Further, u may pay upto 20% of the total price and before that only u have to get legal opinion about marketable status of such property.
Anonymous
Replied 1 year ago
Thanks for the response. Wanted to know if during Transfer memorandum, is due diligence done by the authority before approving it. We are doing legal checking from our side. But to be on safe side, wanted to know if we can trust TM approval process.
Every amount you pay , or the terms and conditions you have should be written and well drafted. Consult an advocate to prepare and make every such detailed agreements, of your payments / clauses etc .
Thanks and Regards
Simi Paul
In such kind of deals there will always be risk involved and therefore it is suggested that you should employ a lawyer to do all these deals and have smooth transactions. giving any amount as advance is not a problem as long as there is trust and honesty between the parties.
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