Can a seller of a flat accept cheques coming from the buyer's relatives (third parties') bank a/c instead of buyer's bank a/c?
Situation : My mother is selling a flat fully owned by her to a lady buyer .The buyer has paid the token amount of 1 lac by cheque from her own bank a/c and it was credited into my mother's a/c. The buyer says that the remaining amount of consideration will be paid by her relatives (brothers, sister,mother,cousin) from their bank a/c.
My concern is whether a seller can accept cheques from a buyer's relatives paying the consideration on buyer's behalf OR is it compulsory that the money should move only from buyer's a/c to seller's a/c.
Is this a legally valid transaction in India?
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