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Sharad Saurabh   01 July 2017

Maximum time limit of a registered agreement to sale with possession in up

Hello Experts! I want to purchase a flat on a registered agreement to sale with possession. The time limit for full payment will be 5 years in the agreement. After that the owner will perform a sale deed in favor of me. I am not sure, if I can get it done for 5 years? If yes, then my next query would be whether the stamp duty paid at the time of agreement will be valid after five years and will it be deducted from prevailing stamp requirement at the time of sale deed (after 5 years).



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 7 Replies

Kumar Doab (FIN)     01 July 2017

Once sale deed is registered by registering authority you shall be owner till you dispose by your sweet will.

Stamp duty may have to be paid at the time of future alientation as per prevalent laws/rules at that time.

Atleast I am not aware if state govt of UP has enacted and enactment that shall register fixed Period sale deed.

 

 

naresh A Mr. (Others)     02 July 2017

I am not sure if you can buy a flat conditionally for 5 years. Then what happens after 5 years....who is the owner after that....and many other questions will rise? Once you buy a flat through a registered sale deed or agreement it is yours till you decide to dispose or sell it off....which you can do after 5 years.....but cannot put that as a condition in the sale deed. Anytime you sell or buy a property you have to pay the requisite stamp duty and registration charges as per the prevailing rates and there is no discount there.

If you are very particular about possession of the flat only for 5 years maybe you can consider taking the flat on lease if the seller is willing that is.

Sharad Saurabh   02 July 2017

Thanks for your answer. I feel i was not claer in my question. Kindly suggest on my revised query. 

Sharad Saurabh   02 July 2017

Thanks for your answer. I feel i was not claer in my question. Kindly suggest on my revised query.

Kumar Doab (FIN)     03 July 2017

The stamp duty is state subject.

'Buyer Beware' applies to property deals.

It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment.

This may cost some FEE but can defend long term interest and hard earned monies.

 

Sharad Saurabh   03 July 2017

Thank you so much for your suggestion.

Kumar Doab (FIN)     03 July 2017

You are welcome.


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