Buyer’s bank wants property registered before giving loan payment to seller
1 year ago
Hi, My mother and I are selling a flat to a buyer who has opted for home loan from CanFin home loans ( sponsored by Canara Bank). The bank has given cheque numbers to be entered into the sale deed as payment made but refuses to release the cheques to us until the registration is done and the original document is delivered to them. My question is, if the cheques are not given to us or do not clear, does the agreement get nullified automatically or do we have to file a case? We asked for a clause to be entered saying that should the cheques not clear, the agreement is automatically nullified but the document writer at the SRO, Bowenpally, Hyderabad says that can’t be done. Is it enough to enter the cheque numbers or is a clause imperative!?
A.Dear Client!
Don't insert the cheque number. Else it would be deemed that the payment is received by you as the sale consideration price.
Varsai & will
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