I come on understanding with my friend to purchase some land worth 60/- lakhs and make payment ofRs19/- lakhs piecemeal agreeing to make final settlement at the time of Registration. Unfortunately when i go for registration it could not be registered because of stay of High court on a public interest litigation on the issue of unapproved plots. It may take some time for Registration Department to take a decision Because of the present condition I dropped the idea of purchase of the said land.This was also accepted by my friend and promised to repay the Rs19/- lakhs soon. It may take some months for him to repay the amount What is the safeguard I should take whether to get simple receipt or agreement in bond paper
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Safe guard to be taken taken for the payment of Rs 19/- lakhs paid to my friend. Of course he will repay it when he get money or sale of the land in question which ever is earlier.
1. Well get a promissory note executed on a stamp paper and get the signature of the your friend whereby he would stipulate to repay the money within a time both of you so agree.
2.The Pro note is very important as if your friend later retracts from making the repayment you can file civil suit to recover it.
3. Do mention a proper time limit for repayment in the said pro note.
4.Make 2 witnesses sign the pro note as well.
1. Was an agreement to sell made? Were you not aware of the stay order passed by the HC at the time of agreement?
2. Now get him to execute a simple agreement stating that he will refund the amount in a time bound manner.
1) obtain post dated cheques from friend of Rs 19 lakhs
2) obtain letter from friend wherein he agrees to repay Rs 19 lakhs within period of one year . also rate of interest if any has to be mentioned
1)in the alternative your friend can execute promissory to pay sum of Rs 19 lakhs by x date
2) obtain in writing from friend of receipt of Rs 19 lkahs and promise to repay loan of Rs 19 lakhs within period of one year or so
The promissory note will Rs20/- stamp paper suffice..?
check with local lawyer stamp duty payable on promissory note in Tamil nadu
Yes, it would be sufficient.
For repayment you may enter into an agreement with him mentioning the details of the current transaction and the terms of repayment as agreed. Additionally you may obtain a promissory note for the amount and if possible post dated cheques also may be obtained.
The steps already suggested are some of the measures for safeguarding your money.
You may obtain collateral too if available
The promissory note is different to that of Rs.20/-NJS paper. The loan agreements can be entered in the -NJS paper, promissory note can be on a plain paper