Home |Property Registration | Seller has bank loan of his building. I am buyer, he is asking me pay upfront 20% so that he can close the loan and get original documents for lawyer verification. What I am thinking as a first step get legal report from the lawyer then make sale agreement 200 e stamp then give cheque of 20 laks. Is this correct?

Seller has bank loan of his building. I am buyer, he is asking me pay upfront 20% so that he can close the loan and get original documents for lawyer verification. What I am thinking as a first step get legal report from the lawyer then make sale agreement 200 e stamp then give cheque of 20 laks. Is this correct?

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PGN Property Management PGN Property, Real Estate & Documentation Consultant with 21+ years of experience verified
Answered on December 02,2022

Yes, your understanding is correct 

If the original documents are deposited in bank, just the photocopy of documents are sufficient for verification. 

Upon the satisfaction of verification report, execute the sale agreement on Rs, 200 stamp paper. Seller, buyer and two witnesses should sign the sale agreement 

Pay the downpayment of 20% in mode of online account transfer or cheque (avoid cash). Record these transaction details in sale agreement. Ex: incorporate cheque number

Note: Don't initiate any financial transaction unless the documents are verified 

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In Bangalore, we provide assistance for document verification. To opt for our service, please Whatsapp to +91-9742479020.

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