I'm in the process of selling my house. I've taken the token amount by entering in agreement to sell. Now the property dealer is asking me to sign the transfer letter before registry(before even making the full payment). Application for transfer just says that I am transferring the property in the name of so and so person.

Given the fact that I've just received 10% of the payment, Is it safe to sign the transfer letter? Also, the transfer letter doesn't say anything about the transaction amount.

What is even surprising is that there is a note in the application for transfer which says that This is friendly transfer and the above said transferee is my friend WTH?? How did he become my friend? Is it normal to have such clause in transfer letter? What could be the implications of it?

On the larger issue, I think transfer should be done once the seller makes the full payment and gets the property registered in his name.

Would appreciate your inputs on the subject.
Read more
Reply
5 Replies
Sort by :Filter by :
  • Originally Posted by greenhorn
    I'm in the process of selling my house. I've taken the token amount by entering in agreement to sell. Now the property dealer is asking me to sign the transfer letter before registry(before even making the full payment). Application for transfer just says that I am transferring the property in the name of so and so person.

    Given the fact that I've just received 10% of the payment, Is it safe to sign the transfer letter? Also, the transfer letter doesn't say anything about the transaction amount.

    What is even surprising is that there is a note in the application for transfer which says that This is friendly transfer and the above said transferee is my friend WTH?? How did he become my friend? Is it normal to have such clause in transfer letter? What could be the implications of it?

    On the larger issue, I think transfer should be done once the seller makes the full payment and gets the property registered in his name.

    Would appreciate your inputs on the subject.


    Is it an apartment or a villa? Which city?
    CommentQuote
  • It's a villa in Faridabad. MCF Sector-91
    CommentQuote
  • Originally Posted by greenhorn
    It's a villa in Faridabad. MCF Sector-91


    In that case, you should do agreement to sell with some token and rest all the payment on registry day. :) :)
    CommentQuote
  • Originally Posted by miketest
    In that case, you should do agreement to sell with some token and rest all the payment on registry day. :) :)


    I've already done the agreement to sell. What I want to know is about the request for signing the transfer request even before receiving the payment?

    And what about the "friendly deal" clause in transfer letter?
    CommentQuote
  • Originally Posted by greenhorn
    I've already done the agreement to sell. What I want to know is about the request for signing the transfer request even before receiving the payment?

    And what about the "friendly deal" clause in transfer letter?


    I have never encountered any such case. I sold my house last year, all I did was an "agreement to sell" and then all paperwork on registry day with no such friendly transfer clause. I think you should ask the broker or other party about this.
    CommentQuote