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cheque from bank

Last updated: February 6 2019
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  • cheque from bank

    Dear Sir/Madam,

    I am selling my flat.Buyer has paid me token money & wants to go into assignment deed.He told me that after signining the assignment deed the same will be submitted to bak & then i will get a cheque in my hand.I have following doubts

    1.What happens if cheque bounces or becuase of any issues i don't get a cheque?

    2.How safe is it to sign a deed with just a letter from buyer's bank mentioning cheque numebr on it?




  • #2

    #2

    Re : cheque from bank

    The cheque given by the bank is Banker's cheque. It never bounces or defaults, unless the bank goes bankrupt.

    The bank will give xerox of that cheque which you need to attach in the assignment deed. Also the assignement deed should clearly mention that the buyer and seller will visit the bank within 1 day after the deed is executed, and the seller will get the cheque, and the entire transaction/deed will be considered null and void if this does not happen. Mention the details of the cheque in this clause alongwith the cheque no., date, amount, bank name etc.

    Typically buyer and seller execute the deed and then immediately go to the bank on the same day and complete this process.

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    • #3

      #3

      Re : cheque from bank

      Insist on demand draft instead of cheque , also , put a clause in sale deed that keys will be handed over only when seller's account hits outstanding money . Handover keys only after receiving full payment

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