Respected Sir/Madam, I’m about to buy a flat in a cooperative housing society in East Delhi. The seller is requesting 2-3 months to vacate, after the full payment and registration, as he’s bought another property (which I’ve seen is still under construction). I’ve also sold my own house and am currently renting. The flat registration is scheduled for the next 7-10 days. Should I draft a Memorandum of Understanding for this 3-month period for my own safety? I’m also taking a loan for this freehold flat. Kindly advise. Thank you and regards, Nitin

Apni Law
Apni Law
Law Forum › Category: Property › Respected Sir/Madam,

I’m about to buy a flat in a cooperative housing society in East Delhi. The seller is requesting 2-3 months to vacate, after the full payment and registration, as he’s bought another property (which I’ve seen is still under construction). I’ve also sold my own house and am currently renting. The flat registration is scheduled for the next 7-10 days. Should I draft a Memorandum of Understanding for this 3-month period for my own safety? I’m also taking a loan for this freehold flat. Kindly advise.

Thank you and regards,
Nitin

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Apni Law Staff asked 1 year ago

Respected Sir/Madam,

I’m about to buy a flat in a cooperative housing society in East Delhi. The seller is requesting 2-3 months to vacate, after the full payment and registration, as he’s bought another property (which I’ve seen is still under construction). I’ve also sold my own house and am currently renting. The flat registration is scheduled for the next 7-10 days. Should I draft a Memorandum of Understanding for this 3-month period for my own safety? I’m also taking a loan for this freehold flat. Kindly advise.

Thank you and regards,
Nitin

1 Answers
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Best Answer

Apni Law Staff answered 1 year ago

It is highly advisable to draft a Memorandum of Understanding (MoU) outlining the agreed-upon 3-month period for the seller’s vacate, with specific details on consequences for non-compliance. This will safeguard your interests, especially since you have sold your own property and are taking a loan. The MoU, along with the registration process, will ensure legal and financial protection.

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