Joy Banerjee (Photographer) 25 June 2015

Agreement of sale

I'm going to buy a resale flat in Kolkata. The property has been identified and title search done by a lawyer. When I approached HDFC bank today for home loan, they requested for a Sale Agreement among other required documents.

Now my questions are:

Is it only my obligation to prepare the Agreement of Sale or do the seller too take part in it?
Is a lawyer required to prepare the Sale agreement?
Is a stamp paper reqired?
How much time does it take?
What is the cost of the stamp paper?
How much does a lawyer usually charge for the same?
Should the seller too need to bear the costs of preparing the agreement?

Thanks in advance.

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4 Replies

H.JanakiManohar Rao (lawyer) 26 June 2015

When you reqire bank loan for purchae of house propeety,along with all other documents you have to produce aggrement of sale.If you purchase the property and got it registered you will not get bank loan.So you should pay advance to the seller and enter into aggrement of sale and that should be registered and produce to the bank.

Dr J C Vashista (Advocate) 26 June 2015

It is the responsibility (if not specified otherwise) of seller to arrange documentation at the cost of purchaser through a local lawyer.

1 Like

saravanan s (legal advisor) 26 June 2015

agreement of sale usually contains the terms and conditions for the sale which can be framed with the participation of the seller.

a lawyer might be needed to draft the agreement (but not compulsory)

agreement needs to be done in stamp paper

and rest as advised by learned adv Dr.Vashista

Manpreet Singh 26 June 2015

Hi...

I have purchased a plot in pune and the agreement of sale has been done...i wish to cancel the agreement as i have made the entire amount including the registration charges...could you please help as i need the money for my mom's surgery and what are the steps required to cancel the agreement