If you are selling your flat and the buyer proposes to pay a portion of the amount in cash (black money) after registration, you must be extremely cautious. Here are key safety measures to protect yourself from potential risks:
1. Ensure Full Payment Before or at the Time of Registration
- Always insist on receiving the full payment on or before the property registration.
- If the buyer is availing a home loan, the bank will typically issue the cheque at the time of registration.
2. Avoid Deals Where Payment is Promised After Registration
- If the buyer wants to pay the entire amount after registration, this is a major red flag. Such deals are often fraudulent, and you may risk losing both the property and the payment.
3. Consider a Supplementary Agreement for Partial Pending Payments
- If the buyer has already paid 98% of the agreed amount and only a small portion remains, you may draft a supplementary agreement on a ₹500 stamp paper.
- This agreement should clearly state that you will retain the original sale deed and other key documents until the pending payment is completed.
4. Be Cautious About Higher Pending Amounts
- A supplementary agreement is typically suitable for small pending amounts (e.g., up to ₹2 lakh for a property worth ₹1 crore).
- If the pending amount is higher (e.g., ₹10 lakh or more), some buyers may misuse legal loopholes. They might claim they have lost the original sale deed, obtain a certified copy, and avoid paying the remaining amount.
5. Seek Professional Assistance
To ensure a legally safe transaction, consult an expert. We provide professional consultation on real estate transactions.
📩 For inquiries, contact us:
📧 Email: pgnproperties@gmail.com
📱 WhatsApp: +91-97424 79020
Thank you for reading! Stay informed and transact safely.