Question: What terms shall be included to safeguard the interest of the seller?
The seller shall ensure that the terms of the contract clearly stipulate the payment procedure. If the payment is subject to earnest money then the seller shall clearly identify when the rest of the payment shall be made.
If full payment is to be made on execution of the transfer documents then instructions as to the mode of payment shall be clearly identified. It is preferred that the seller after the buyer makes the payment to the seller, transfer the title of the property along with the associated rights to the buyer. The seller has to hand over the title deed to the new buyer. A new set of documents is then prepared for the buyer, after which the property needs to be registered in his name. Following this step, both parties have to meet the local registrar and declare the transfer of property before witnesses. Then, the registrar makes changes in the local land record as well.