Dear Experts,
I am planning to buy a property (flat) and have negotiated the price with the seller. The seller has asked for token advance of 3 lakhs before handing over the papers for legal verification.
Seller has also recommended that we make a contarct on Rs100 e-stamp paper that includes the receipt of the token amount along with terms and conditions for penalities incase any of the parties backs out and tentative payment schedule for rest of the payments. We have also agreed on termination clauses. Incase there are any legal problems with the property, or seller is not able to produce any documents for legal check or processing of bank loan, the seller will return the entire token amount etc
Attached is the sample of contract
My Questions:
1. Is it right to pay 3lakh as token advance before legal verification?
2. Is the e-stamp paper enough to seal the contract? or do i need to get it notarised etc?
4. What if the decided timelines for balance payments gets delayed due to delay from Sellers side in producing the required docuemnts? how do we put this clause in contract?
3. What is the recommended course of action for such case? Things to keep in mind etc
Thanks
