Quote:
Originally Posted by Roshan
Nicely written.
In step 8, the amount is decided by the broker and each party presents cheques for the same amount. In case Buyer 1 renegades on the deal, then I am told that Buyer 2 reserves the right to encash Buyer 1 cheque.
In step 10, payment by managers cheque is the best. In that way, there is a record of the transcation.
It is good to go through a competent, certified lawyer, even if it cost you money. When I mean competent, it has to be and not someone who pockets the fees and leaves you high and dry when there is trouble.
You could even approach a certified broker by RERA to carry out transcations.
CAUTION : Never seal a deal in a secondary market on your own. I have come across pathetic cases where the buyer has given the down payment and the transfer did not take place even a year after signing.
Regards
Roshan
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Thanks for your inputs, but I still need clarification on the last step...
wherein in the case of 5% and 10% payments only where no sale purchase agreement has been drawn out, it is only on reservation form,
also in case where sale and purchase agreement has been drawn out but not yet been signed by Buyer1 then what happens can Buyer1 Ask developer to directly draw up sale and purchase agreement on the name of Buyer2 since as it is Buyer1 has not signed and is exited (In a way it is almost as if Buyer1 has his name on reservation form)...
In case where Buyer1 has signed the Sale and Purchase Agreement with the developer then i Guess the developer will charge processing fees to get the name changed...
what would be the steps in those cases... and also other case examples that I have mentioned...
Would appreciate to receive some inputs from people who have done this...