Sale of agreement

KISHORE (Querist) 01 December 2015 This query is : Resolved
Sir, I would like to purchase a open plot measuring 1040 sq. yards for a consideration of 40 lakhs. The seller is asking me to pay an amount of Rs.15 lakhs as advance at the time of executing the sale of agreement (to be written on a rs.10 stamp paper) and remaining amount on or before registration date i.e. within 3 months from the date of sale of agreement. My query is that giving Rs.15 lakhs at the agreement of sale is correct or not, my friends are suggesting me to give only rs.5 lakhs at the time of sale of agreement, giving big amount at the time of sale agreement is not good. whether is it correct. If the seller is not registered the said plot after paying rs.15 lakhs and ready to pay the remaining amount within in the stipulated time. is there any legal option to me to get back my advance amount of rs.15 lakhs. what precautions i have to take, pls suggest me. what conditions i have to put in sale of agreement. pls advice.

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Guest (Expert) 01 December 2015
Just get the Sale Agreement also Registered whether you Pay 5 lacs or 15 Lacs and Legally be Safe.Consult A Local Good Advocate to take the Legal Opinion of the Documents and for Drafting the Sale Agreement.Only the Registered Sale Agreement Could Fetch you Legal Validity.

Rajendra K Goyal (Expert) 01 December 2015
Get the agreement vetted / drafted by your lawyer to save your interest in the deal.

BAALASUBRAMANNYAMM (Expert) 01 December 2015
Here you have to see the reputation of the builder. If he is a reputed builder, you can pay the amount on an Agreement of Sale. Or otherwise, better to pay a small amount as advance amount, for your sake.

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