Sale deed containing part payment clause -sale of Plot

Querist : Anonymous (Querist) 01 December 2010 This query is : Resolved
Can we straight away enter into sale agreement, get it stamped for appropriate value for the sale consideration, get it signed by Purchaser and seller but pay 50%
as part payment and stipulate that at the time of registration within 20 days balance will be paid, failing which the balance amount will be remitted to court and steps will be taken to get the property registered
in the name of the purchaser. Can such a sale deed is legally correct/valid as the present case involves paying 50% amount.
Reason for doing this: seller wants urgently money and purchaser requires time. Seller wants firm commitment hence insisting for 50% payment and is not ready to agree for signing AGREEMENT FOR SALE .
WHAT IS THE DIFFERENCE between Agreement for sale and sale deed. Some one says Sale deed means irrevocable sale transaction whereas agreement of sale can be revoked.

Follow Query

Report Abuse

A V Vishal (Expert) 01 December 2010
Attached is a sample deed with relevant clauses in case of sale wherein the sale consideration is paid in installments. The deed must be prepared only by a professional after considering all the facts.

R.Ramachandran (Expert) 02 December 2010
There is no use in getting a Sale Agreement without getting it registered. It would be advisable for the purchaser to agree to pay the entire amount at the time of Registration of the Sale Deed. Giving 50% at the time of Sale Agreement and the remaining at the time of Registration etc., all though possible appears to be a little trap. Better beware.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries