Sale deed review
Hi, I am registering a sale deed selling my house property for a consideration of 75Lakhs. The buyer is paying me vide a cheque for 25lakhs, and a flat worth 50Lakhs to be transferred in my name through a sale deed. Both sale deeds are to be registered.
Please let me know if the sale deed transferring the flat to me, worded and registered as below has any problems of legal validity:
WHEREAS, the VENDORS agree to sell to the PURCHASERS the Schedule Property herein for a total consideration of Rs.50,00,000/-(fifty lakh rupees only) and the PURCHASERS have agreed to buy the same on mutually agreed terms and conditions herein under contained.
NOW THEREFORE THIS DEED OF ABSOLUTE SALE WITNESSETH AS HEREUNDER:
1.The VENDORS hereby confirm and acknowledge that the PURCHASERS have paid the entire Sale Consideration of Rs.50,00,000/-(fifty lakh rupees only) for the SCHEDULE PROPERTY by way of permitting the VENDORS to deduct and retain an amount of Rs.50,00,000/-(fifty lakh rupees only) from and out of the sale consideration to be paid by the VENDORS to the PURCHASERS as consideration towards the purchase of a property acquired and owned by the PURCHASERS <<vide Registered Sale Deed... complete property description entered here>> Which is this the _ _ _ _ _ _ _ _ day of _ _ _ _ _ _ _ _ two thousand and seventeen (_ _/_ _/2017), being granted, conveyed, transferred by way of sale and assigned unto and in favor of the VENDORS by the PURCHASERS through a sale deed being executed in favour of the VENDORS. The sale deed effecting this transfer in the aforesaid manner is to being submitted for registration at the office of the Sub Registrar, Banaswadi, Bangalore simultaneously along with this present sale deed.
2.Both parties agree that this present sale deed is being submitted for ‘registration in duplicate’ and the original is to be retained by the PURCHASERS, and the 2nd copy is to be retained by the VENDORS only as a 'proof of payment' of consideration in kind, and cannot be used for any other transactions whatsoever.