Agreement extension

sridhar (Querist) 22 April 2010 This query is : Resolved
Dear Sirs,

I have entered into an agreement for buying a property. The agreement is shortly getting expired. I have paid 50% of the agreed value.

The seller has mortgaged the property to a financial agency & it may take 20 days for him to handover the original documents to me.

For making the balance loan payment my banker is calling for the original documents. In this situation we both seller & buyer want to extend the agreement entered by us.
Pls let me know the agreement extension procedure & stamp duty if any to be paid on that.

Thanks

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Bobby Mani T (Expert) 22 April 2010
Extention of agreement is a fresh agreement and hence stamp duty as in the fresh agreement is to be paid to obtain an extention of agreement also

Raj Kumar Makkad (Expert) 22 April 2010
It is very easy process. Write the language of extension in the same agreement on next page annexed thereto or if space is available then on the same page and also get the signatures of witnesses thereto.

No fresh stamp duty is required in this process.