Agreement with seller for buying a property
Regarding agreement between me and seller for buying a property. Currently the seller has an agreement of sale with the builder. Now I can get the agreement of sale between me and builder only if the seller clears the home loan and then submits the original agreement of sale. For that to happen, he is demanding me to pay the pending balance home loan amount for which we are entering into an agreement. Is it safe to go ahead?
Sir, it is general practice for sellers to demand such indirect pre-payments such as loan clearances and building regularisations. Though it is safe to proceed it is sincerely advised to include the same (payment of the loan and part payment for the property) in the agreement of sale. Get this document duly registered for maximum evidentiary value in case of future default.
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