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What happens if cheque bounces after registry?
If the cheques which are bounced were mentioned in the registered sale deed then no problem, simply file declaratory suit ( your lawyer will guid you). If not, then file cheque bounce case and you will get your money back but not the property.
How can I cancel sale deed if cheque bounces?
cancellation of sale deed
- for the cheque of sale consideration is dishonoued, then the criminal complaint can be filed in the police station for cheating.
- criminal cheque bounce case can be filed in the magistrate court.
- suit can be filed in the civil court for making the sale deed null and void.
Will the registered sale deed get Cancelled if the post dated cheque gets Dishonour?
The Cheque is valid. If the cheque is dishonored, it may become the route cause for another legal problem. The whole registration may become null and voide. As you informed that the buyer is ready to give post dated cheques, in case if it bounce it give raise to another cause of action.
How do you take legal action on a bounced cheque?
If the cheque issuer fails to make a fresh payment within 30 days of receiving the notice, the payee has the right to file a criminal complaint under Section 138 of the Negotiable Instruments Act. However, the complaint should be registered in a magistrate’s court within a month of the expiry of the notice period.
Can sale deed be cancellation for non payment of consideration?
Even non-payment of entire sale consideration cannot be a ground cancellation of sale deed: SC. Supreme Court: The 2-judge bench of Indu Malhotra and L Nageswara Rao, JJ has held that even when the entire sale consideration has not been paid, it could not be a ground for cancellation of the Sale Deed.
Can a bankers Cheque bounce?
The validity of a banker’s cheque is 3 months from the date of issue. A banker’s cheque cannot dishonour at all unless it is a fake.
Can sale deed be executed on post dated Cheque?
sale deed is valid. Sale deed can be registered on receiving post dated cheques. If the cheques are not honoured, then (1) it becomes a criminal offence and you can file a criminal complaint against him and (2) that you have a lien on the unpaid amount in the said property.
Is PDC legal?
Post-dated cheques are those cheques which are issued by the payer to the payee but one can draw them only on a future date. So, they are enforceable as a negotiable instrument only when it becomes payable on demand.
When does the title of a property pass to the buyer?
Time frame when the property title will be actually passed to the buyer. Actual date of delivery of possession. Sale deed gives the rights and interests in the property to the new owner. Sale agreement gives a right for the purchaser to purchase the property in question on the satisfaction of certain conditions.
What is the legal significance of registered sale deed?
Legal Importance: Registered Sale deed is a legally binding document. What is a sale deed? A sale deed is a legal document that describes the sale of a property between the parties (buyer and seller). It is proof of ownership. It transfers the rights in the property from the seller (transferor) to the buyer (transferee).
What do you need to know before buying a sale deed?
Things to keep in mind before executing a sale deed Before the execution of the sale deed, the buyer should ascertain that the title of the property is free of all encumbrances. Verification of the encumbrance status from the registrar’s office is a must for the buyer purchasing the property.
What happens after the execution of a sale deed?
Once the process of executing the sale deed is completed, the ownership in the property gets transferred to the buyer. The buyer gets absolute right over the property, and he gets the title of ownership. Date of execution of deed with registered deed number, serial number, book number, page number etc.