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RA relative filed a case that a neighbour encroached the boundary during construction of a building. After the court brought a stay order to halt construction, the neighbour approached the relative with an offer to buy their property.
The relative is tired of visiting courts, lawyers and paying money for the case. The neighbour’s proposal does provide a way out. The relative anyway held the property for investment and would not be at a loss going by the market rates. However, the relative is weary and wants to proceed cautiously without being taken advantage of as the neighbour wants to make payments in parts but enter into a sale agreement before making the entire payment.
I suggested the relative to look for a letter of credit, because in international trades, sellers require a buyer’s bank to issue a letter of credit as a form of protection in case the buyer does not pay up.
1. Is any such guarantee or instrument available in a domestic property transaction between two individuals? This property transaction would be below a crore and between individuals, what is usually done in such agreements?
The relative has not yet informed their lawyer of the defendant’s offer for out-of-court settlement. Want to know your advice before approaching the lawyer who represented in the case.
2. I’m sure many of you would have seen such transactions where out-of-court settlement has occurred. How do you ensure your client is protected?
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ALawyer here.
execute a sale deed, fix a payment timeline. Don’t withdraw the case, unless full payment is made. -
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