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While buying plot sometimes we come across different legal contracts we sign with sellers.
Two of important documents are:
- Agreement to Sale:
- What it is?Whenever seller is committing certain development or sanctioning on plot in future buyer can sign agreement to sale.
- What it should contains:It should mention terms under which seller will be transferring title to buyer,amount buyer has paid,rest amount schedule,if future development or sanctions doesn’t go rightly what should be plan of action to get money back.
- Whats legal security of it?Title is no transferred in this case,so legal security is less of this agreement.
- How it can be registered?:Stamp duty on market rate to be paid and registration is done.It has more security than just notarised agreement to sale
2.Sale Deed:
- What it is?Its final title document by through which seller transfers land title to buyer .
- What it should contains:Name and Adhar,Pan details of Buyer and Seller,Search of land,plot number and 4 direction description of the plot,Amount paid and stamp duty
- Whats legal security of it?Once sale deed is registered title is transferred,its highest secured document.
- How it can be registered?:Stamp duty on market rate to be paid and registration is done.
If in case you are going in agreement to sale what safety we should take?
- Check title of the plot{property advocate can help you)
- Non agriculture Order of plot
- Bank loan available while buying plot
What should I prefer Agreement to sale or Sale Deed?Sale deed
Audio in marathi on same topic:https://youtu.be/iWca62NjAaU
Regards,
Reshma Hajite
Land Expert
Director Excellence Shelters Pvt.Ltd
reshma@excellencegroupindia.com
+91-8308816587
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