[zzzehar]

Yup, that's not the correct way to sell the car. If you are giving the car, you must take the entire amount unless there is a document pending with you due to which the buyer won't be able to register the car in his name.

I recently bought a car from someone (same state registration) and I held onto Rs 15000 as the seller had to give me NOC from the bank after clearing the loan since without NOC, I wouldn't be able to register the car in my name. However, we signed and exchanged form 29 & 30 and did a sale / purchase agreement on stamp paper in presence of the lawyer aka notary with proper upload of data in notary's register with our govt. IDs etc., this took just Rs 300 and gives both parties the proof of sale and purchase should anything go southwards post the handover of the vehicle. This agreement basically states that all responsibility will be of the buyer from the date and time this paper is signed. The day I got the bank NOC from the seller, Rs 10000 were transferred over and the day I submitted the documents to the RTO (seller had to be present for his ID verification), I paid him remaining Rs 5000 upon getting the receipt of transfer of ownership from the RTO. I held Rs 5000 just to make sure that the seller will show up to RTO when required and not leave me hanging as the appointment system is quite strict at the RTO and scheduling would mean getting delayed by nearly a month. I got the RC in my name within a month, home delivered.

[kkunal.shah]

Dear All,

Thanks for all the inputs & guidance basis which i was able to get 100% balance payment yesterday. What worked:

1. Kept a firm stand that what was agreed has to be honored, there are no two ways about it. - He kept drifting but i held my ground.
2. Call from the local Police Station - i had someone through who i was able to get this call made. Basically the PI called & asked what the matter was & i had approached them for a formal complaint & he said its better that you settle what was agreed otherwise it will cause unnecessary trouble to the buyer.

Some lessons learnt:(also highlighted by many members)
1. Never hand over the car until 100% payment is released or keep some leverage at your end.
2. Its always better to have a formal agreement on a stamp paper with terms & conditions called out.
3. Once a price is finalised both parties have to stick to it, this should be part of the agreement. The agreement should also mention details of financial transactions with cheque no. / bank transfer.

Again thanks to everyone for their inputs.

[rageshgr]

OLX attracts many such guys. Sorry to hear. Looks like he had intentions to cheat from the get go. Withholding 25%. And then coming up with that 30k repair to get you to agree to share 15k. Everything seems shady and seems preplanned.

[pawank]

Originally Posted by kkunal.shah

Now my question is the transfer of ownership has to be initiated by him at his local RTO

Yes, the transfer of the ownership will be initiated by him. Which will take at least one month from the day of applying for the transfer of the ownership. Till then he can drive the car which is still registered by your name.

any suggestions on how I can take this to closure by getting my money as well as affecting the transfer.

You can't do anything now as he has already received the NOC from you. You can pressurize him with a warning to approach the police.

P.S: Good to hear that the matter is closed and you have received your money. Cheers

[igemini]

Originally Posted by kkunal.shah

Dear All,

Thanks for all the inputs & guidance basis which i was able to get 100% balance payment yesterday.

Glad to know the issue has resolved and you got your payment in full. And thanks for sharing it here as it might have helped a lot of our readers as well.