My mistake While Trying to Purchase a Flat

Hi Friends,

I am posting here a mistake which I did while trying to purchase Flat.




This apartment was built by a developer who had taken land from flat owner. Flat owner got 8 flats as his share out of 20 flats. I tried to purchase a flat in of those 8.

After seeing flat with my father and friends. I was ok with flat and sat at the owner's place for the final negotiations. Finally decided a price. Owner family looks good, I spoke to them couple of times before with all their family members. They told many stories, their family staying since his fore fathers, they had lot of assets here. They had shown his brother's land near by. I had in mind set that they had lot of property here and good family.

After fixing the price, flat Owner asked me that when would I give him token amount so that he would not show that flat to others.

Me: I told them I will give token amount today. After that I will go for flat document verification with a lawyer. If lawyer says the property is fine, I will go for Agreement. Then I will apply for Bank loan, I will go for registration when I receive bank loan (generally home loan sanction takes 20 to 30 days).


I had given token advance 50,000 to flat owner before paper verification. We don't have stamp paper at that time. My father insisted us at least get signature on white paper that I had paid token advance 50,000. We got signature of owner, me and my friends as witnesses.

I went to lawyer with papers.

I asked lawyer whether what I had done is right or wrong?

He told it was wrong.
Lawyer:


Always pay money with a post dated cheque for token amounts.
Never pay money directly to anybody.
Transaction will be recorded If you pay through cheques.

At least I should have taken owner's signature on stamp paper. (Every body knows about this, My friends know, my father knows.....but still, because of hurry...situation demanded that way... we were trapped.)

Property did not match actual square feet with records square feet. I found it 160 SFT lesser than why they told.

Now my troubles started...

I asked for Lawyer suggestion, he told me negotiate on that for lesser price.

I told them I am still interested in the property if they reduce price. It failed in negotiations.

They told they don't pay token advance. Now they are saying they would pay when they sell out the property.

Still waiting...thinking what to do...will update you

So conclusion is:
Consult a very good lawyer take his advice and think yourself then proceed.
Always pay money with a post dated cheque for token amounts.
Never pay money directly to anybody.
Only through cheques/ post paid cheques.