Property prices have come down recently after the current demonetisation plans announced by the government. In the wake of this, several property deals also took place, which mainly had cash as the payment option.
Many people have a misconception that even though they have paid their money completely in cash, the demonetisation news means that their money is no longer valid. A common myth is that the seller will not accept the old notes and the buyer will have to get the exchanged notes to carry on the property transaction.
If the payment is made before midnight on 8th November 2016, the money should be accepted by the buyer and in any case, can the seller refuse to accept your cash and ask you to replace it. It is his duty to replace the cash as they are no longer legal tender.
But, the deals which have to be done after the demonetisation announcement, have to be done through cash only in the form of new notes and cheques.