Requirement for sale transaction
Nitin Vaghani
(Querist) 22 December 2014
This query is : Resolved
Sirs,
We have decided to sell our jointly owned property at Thane (Maharashtra). We and the buyer has mutually agreed upon the consideration. Further, we have decided the following:
1) To prepare an agreement related to the transcation.
2) Buyer agree to pay the Stamp Duty as per applicable rate.
3) Buyer agree to pay 50% of the consideration on the execution of the agreement. Balance 50% will be paid by the buyer before 31/05/2015. This clause along with balance amount has been mentioned in the agreement.
4) It is also mentioned in the agreement that if buyer fails to pay the full remaining consideration before 31/05/2015, seller has a right to terminate the agreement and part consideration already paid by the buyer shall be forfeited in full. (Termination & Forfeit clause).
5) To register the agreement before the office of sub-registrar.
6) To handover the key of the premises (possession) to buyer only after the completion of the full payment.
Is the above procedure is enough or any other formalities remain pending. If yes, please tell me about the same.
Waiting for your reply.
Thanks.
Devajyoti Barman
(Expert) 22 December 2014
Yes, the clauses are good enough to proceed ahead.
ajay sethi
(Expert) 22 December 2014
ideally you should have given purchaser 2 months time to make balance payments . 5 months time is too much .also mention purchaser has taken inspection of documents and is satisfied that title is clear and marketable
Shailesh Kr. Shah
(Expert) 22 December 2014
terms and conditions are good.
also check that sale consideration is equal or more than circle rate/guidance value of the District Magistrate.
Rajendra K Goyal
(Expert) 22 December 2014
Take help of local lawyer in getting the terms and conditions drafted.
Biswanath Roy
(Expert) 24 December 2014
Include a clause mentioning who will make draft deed of conveyance and time limit of its approval by either of the party.
T. Kalaiselvan, Advocate
(Expert) 26 December 2014
For further details, a lawyer in the local would advise in the event of any more clauses to be included in the sale agreement.
