Home buyer is asking to make sale deed of amount higher than the agreed amount
2 months ago
I am selling a property I have for appx 20 lakh and the buyer is asking to make an agreement of 30 lakh to obtain a loan of a high amount from the bank. on top of that, he is asking me to return the extra amount that I will receive. Since I can't agree to his terms because of the income tax notice I may receive, he is stalling the further procedure. he has just paid the token amount and we have done some initial docs to obtain NOC from the army welfare housing organization.
A.Dear Client, '
The buyer's approach to inflate the property value in the agreement for sale is both unacceptable and legally impermissible. A bank approves a home loan after thorough scrutiny of various factors, including the applicant's annual income, credit score, repayment capacity, property market value, certified property valuer's assessment, title and encumbrance status. Proposing an inflated property value for the agreement to secure a larger loan is deemed unethical and immoral. This action not only raises concerns about income tax and stamp duty implications but may also lead to legal consequences for both parties involved. If needed, seeking advice from a property lawyer or chartered accountant is recommended for proper guidance on the matter.
The buyer's approach to inflate the property value in the agreement for sale is both unacceptable and legally impermissible. A bank approves a home loan after thorough scrutiny of various factors, including the applicant's annual income, credit score, repayment capacity, property market value, certified property valuer's assessment, title and encumbrance status. Proposing an inflated property value for the agreement to secure a larger loan is deemed unethical and immoral. This action not only raises concerns about income tax and stamp duty implications but may also lead to legal consequences for both parties involved. If needed, seeking advice from a property lawyer or chartered accountant is recommended for proper guidance on the matter.
Helpful
Helpful
Share
A.Dear Client,
The very approach of the buyer of your property is unacceptable and also impermissible under law, A home loan is approved by a Bank to an applicant after verification of a variety of factors including annual income. credit score, repayment capacity of the loan applicant, market value(MV) of the property and the value assessed by the certified property valuer engaged by the bank, title and encumbrance status of the property, etc. So, showing an enhanced value of the property in the agreement to sell to obtain more amount of loan from the bank is an unethical and immoral proposal of the buyer and is not acceptable so far the other consequences complexities like income tax. stamp duty is concerned that may both parties to face legal consequences for unfair practices. If required, you may consult with a property lawyer or a CA for proper guidance and steps.
The very approach of the buyer of your property is unacceptable and also impermissible under law, A home loan is approved by a Bank to an applicant after verification of a variety of factors including annual income. credit score, repayment capacity of the loan applicant, market value(MV) of the property and the value assessed by the certified property valuer engaged by the bank, title and encumbrance status of the property, etc. So, showing an enhanced value of the property in the agreement to sell to obtain more amount of loan from the bank is an unethical and immoral proposal of the buyer and is not acceptable so far the other consequences complexities like income tax. stamp duty is concerned that may both parties to face legal consequences for unfair practices. If required, you may consult with a property lawyer or a CA for proper guidance and steps.
Helpful
Helpful
Share
A.Dear sir
You will be in problem. Better to cancel the deal and return the token amount taken from him. It is not wise to do like that.
You will be in problem. Better to cancel the deal and return the token amount taken from him. It is not wise to do like that.
Helpful
Helpful
Share
Read Related Answers
Decree by court i r o Specific PERFORMANCE of contract agreement
Dear Sir,
It is a disputed issue which has to be decided again by the Civil Court and you must seek cancellation of such judgment since you are in possession of regular Sale Deed before judgment was p...
Property and Home loan
Dear Sir,
It is a complicated issue. Now a days you cannot believe even the family members. If you go legally it will take years together. If there is possibility take possession of some part of the h...
Remove co owner from FLAT BBA if he is not giving his consent
Dear Sir,
You have to get issue a legal notice to remove co-owners name as it was only for name sake as there was no contribution from him. If builder did not do that then you have to approach Civil C...
Land dispute
Dear Sir,
Approach Civil Court and get permanent injunction against him as he is unnecessarily interfering with your legal possession. If anything is encroached by you it has been perfected by way of...
Partition suit - Rent being given to Non legal heir
Dear Sir,
My answers are as follows:
1. How do I recover this 50% money which is being transferred to my aunty? Aunty is not the legal heir. My brother and I are legal heirs.
Ans: Your aunty is a str...
Read Blogs on Property
Property Lawyers
Find Lawyers by Location
