Can I sell my land to a party through GPA taking full sale value
I want to sell my property in chennai to a party who wants to buy it thru the route of GPA and give me full agreed consideration before. Obviousy he has plans to make more money by value addition over time or by building flats at a later dates. What are the precautions to be taken so that all our responsibilities are transferred to him the moment we register GPA and collect the sale proceeds.
What are the special documents to be got signed from the buyer and special provisions to be incorporated in the GPA A draft of such GPA and agreements to be done. What are the reg charges for each
Asked in Property Law from Hyderabad, Telangana
1. Sale through GPA is illegal.
2. The property can be sold only through a sale deed registered in accordance with the law after payment of stamp duty.
3. After the sale is complete all the liabilities related to the property will pass to the buyer.
The Supreme Court has held that transfer of property can not be effected through GPA.
1) sell property only through registered sale deed . SC has held that in order to confer legal title on purchaser regd sale deed is necessary
2) let property be transferred in name of purchaser only
3) if property remains in your name you would be liable for acts of your agent .
4) if agent misappropriates funds received from purchaser you would be in deep trouble .
5) both civil and criminal liability would be fastened upon you
6) inspite of our advice if you want to proceed contact a local lawyer .
7) we dont provide formats . draft of agreement depends upon facts and circumstances of each case .
8) for registration charges only local lawyer can guide you
1. The Supreme Court in the year 2012 has ordered against such sale through GPA which avoids paying stamp duty on the first sale and shows the first purchaser as GPA holder. Surya Lamps.......Vs...............State of haryana,
2. Such sale through GPA is allowed only when it is within and between family members and the GPA executor is unable to move being ill or old.
A. As per the Supremen Court latest decision, Property transaction through the execution of GPA is not valid transaction.
B. However, the said Supremen Court order will not restrict the transaction through GPA within the Family Members.
C. Registration Charges would be consider as per your state calculation within the respective own calculation.
Hi, you can sell the land your land through the GPA provided if you executed GPA to the third party and in the GPA there is a sale clause then you have to pay the stamp duty as per the market value.
2. As far as your personal interest is concerned if you receive the full amount then only you can execute a GPA other wise do not execute GPA.