Sale consideration for buying flat from relative

tutunbhattacharjee (Querist) 02 January 2020 This query is : Resolved
Dear Sir,

I am buying a property from my relative. For the sale consideration we have agreed that I will be paying 20 percent now at the time of execution of sale deed and rest in monthly instalments for 15 years. Can register the sale deed in this case and how we can mention this in the sale deed ? do I need to mention the mode of future monthly instalments (cheque numbers) or can I mention the Standing instruction in my bank and same mention in the sale deed.

Pls advise.

Regards

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Quick Summary

When purchasing a property from a relative with a staggered payment plan, it's crucial to understand the correct legal procedure. Instead of directly registering a sale deed, you should first execute a registered 'Agreement to Sale'. This document will clearly outline all terms and conditions, including the payment schedule and mode of future instalments. A sale deed is typically only registered upon receipt of the full payment.

kavksatyanarayana (Expert) 02 January 2020
It is better to mention the mode of payment of consideration in the sale deed. The stamp duty shall be levied on the consideration or Market Value (fixed by the committee headed by revenue officials) whichever is higher.

Sb Karma (Expert) 03 January 2020
Yes mention the mode in deed.......or you can adjoined ECS facility too to the deed.

tutunbhattacharjee (Querist) 03 January 2020
Being individual can I use ECS Facility to pay the seller in EMI?

Hemant Agarwal (Expert) 03 January 2020
1. Sale Deed, is a Conveyance irrefutable title document, which is executed ONLY on receiving full & final payment. Pending Payments will not make it into a conveyance /Sale Deed.

2. For your purposes, you will need to execute a Registered "Agreement to Sale" (not Sale Deed), recording the various terms & conditions, relating to part /full/ mode of payments, possession etc....

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

ashok kumar singh (Expert) 03 January 2020
in your facts as stated by you, you need to register AGREEMENT FOR SALE at first and on completion of such agreement for sale as of payment of total value of property, and then registration of DEED OF CONVEYANCE in respect of such property require. this being the lawful procedure to be follow in your given facts.

Thanks" & Regards'

Ashok Kumar Singh,
Advocate

Dr J C Vashista (Expert) 05 January 2020
Get an agreement to sell executed before finalisation of transaction.
Seek professional services of a local lawyer.

Dr J C Vashista (Expert) 05 January 2020
Get an agreement to sell executed specifying all terms and conditions of sale.
Seek professional services of a local lawyer to protect your interest

T. Kalaiselvan, Advocate (Expert) 11 January 2020
In my opinion, it may not be practical especially if you would like to make a mention about the payment of balance of sale consideration amount in the manner that you propose now.
The registrar may not permit you to register the sale deed if full and final sale consideration amount has not been paid before registering the property.
Hence it is better that you enter into a registered sale agreement with the conditions incorporated in the agreement of sale deed which can be made by a registered document.

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