I am going to buy plot worth 60 lakh in Yamuna Expressway. Builder says that some flats are being allocated or assigned to M/s. XXX XXX XPrivate Limited as consignee/assignor by the developer M/s. Gaursons Real-tech Pvt Ltd. whereas assigned flats will be transferred in the name of buyer later on. I want to make sure first party is genuine and not making any fraud for this deal so i have below questions related to sale agreement. 1. Is it legal to draft sale agreement on 100 rupee stamp paper ? 2. Should i go beyond 100 rupee stamp paper to file court case if seller cheat me in future ?If yes then what is optimal stamp paper cost for 60 lakh plot ? 3. Is to mandatory to register sale agreement to file court case ? If yes then what should be legal registration cost ? 4. Which terms/conditions needs to be added on sell agreement which are favorable to buyer side ?
1. Sale agreement can be drafted on 100 Rs, stamp paper.
2. The agreement is valid and you can use same in the court.
3. It has to be registered before the sub-registrar office the registration cost is minimal.
4. Engage an advocate to draft same for you, though condition of time, payment and breach should be there.
A sale agreement cannot be drafted in a 100 rs stamp paper. It is illegal and is not enforceable.
An agreement to sell can be registered on a Rs. 100 stamp paper but it should be registered and the stamp duty should be paid as it is a more authentic document.
A sale agreement can only be made by registration in the sub registrar office by paying the requisite stamp duty.
An agreement can be drafted by a lawyer. Engage a lawyer.
Regards
No the stamp duty is based on total value of property. 100 rs is deficient stamp duty.
No it's not mandatory you register for court case but registration strengthens your case
Yes it is legal to draft an agreement on Rs 100 stamp paper.
An Agreement for Sale does not require compulsory registration under Section 17 of the Registration Act, 1908.
You should made a triparty agreement in which first and second party will be seller and buyer respectively and developer will be confirming party of the agreement.
Agreement for sale can be executed on Rs 100 stamp paper
2) sale deed has to be executed at 6 per cent of circle rate
3) not mandatory to register agreement for sale
4) time should be essence of contract
5) it should be mentioned that sale deed would be executed within period specified in agreement for sale
6) construction to be completed within period of 3 years
7) consideration to be mentioned in agreement for sale
Hi
In reply to your post:
1) Yes it is.
2) No need. Deficit stamp duty will be paid by way of bank challan. The concerned registrar will calculate and give the amount payable on the sale consideration shown in the document. Based on which you need to pay the deficit stamp duty by way of Bank Challan.
3) Yes it is. To avoid future litigation (if any)
4. If you can get the following words incorporated in the agreement it is more than enough "TIME IS THE ESSENCE OF CONTRACT".
Try to get the same incorporated.
Good Luck.
Sale agreement is a contract of sale does not require registration. However you can register it paying registration and stamp duty which will be deducted from fees payable at the time of Registration of sale deed.
1. IT is absolutely compulsory that Sale Deed must be duly Stamp Duty paid (5%) and Registered (maximum 30000), to admit the Sale Deed as evidence in the event of any Court Disputes.
2. Clauses favoring the buyer to indemnify the Buyer against any future losses & legal disputes is important.
On 500rs.
If seller default than you can file suit of specific performance on the basis of agreement to sell. And cheated than criminal case.
No, suit of specific performance can be fled on the basis of un registered document but duly stamped.
Confirmation/declaration of ownership by seller, non encumbrance, time should be essence of agreement, default clause etc.
Sale agreement is drafted on hundred rupees stamp papers and it is always safe to get the sale agreement registered after payment of required stamp duty this is my duty e is reduced while the registering the property you have to make sure that you are not being cheated by the Builder as Gaur sons is still in the rough water for their various projects and they are facing lot of problems by the Supreme Court of India
it can be executed on rs 100 stamp paper. an Agreement for Sale does not require compulsory registration under Section 17 of the Registration Act, 1908 (Registration Act) as well. It is always best to hire a lawyer for drafting of such legal documents.
Does below line on my sell agreement allow me to file court case against builder ? Is arbitration proceeding means court case ? "10.That in case the first party defaults terms and conditions of this agreement then the second party shall be entitled to get the transfer/allotment of the said property through the arbitration proceeding. If any contractual breach hap- pened by the second party or buyer therefore penalty should be imposed upon second party or buyer thereinafter first party’s discretion to impose penalty, if non commitment of payments within the agreement to sell."
In event of default purchaser can invoke arbitration clause for resolution of disputes
2) no need to go to court
3) penalty to be imposed should be specified in contract
Arbitration proceeding is separate from court case it is alternate dispute resolution procedure wherein a arbitrator is appointed.
Give an arbitration notice to builder for appointment of arbitrator.
Arbitration is done by a arbitrator who charges fees for mediation and resolving dispute. Always read the conditions of appointment of arbitrator in your contract
1. No, the unregistered sale agreement is not valid and canot be enforced in law.
2. Unregistered sale agreement cannot be enforced in court of law hence how much ever value you may buy the stamp paper, without registration it may not be legally valid.
3. Yes, it is mandatory to register the sale agreement to make it legally enforceable in court of law, the registration cost may be enquired ion the local registration office.
4. There are lot of terms and conditions to be incorporated in the sale agreement which cannot be mentioned in a line or two, you may approach a local document writer who has a template or set of format for this purpose.
You are referring to an arbitration clause which will be included by the builder to safe guard his interests.
This is not a good sign for the buyer especially when the builder will breach the trust and quote the arbitration clause and escape the liability.
The arbitrators are appointed by the builder side hence the arbitrator shall be on the side of the builder only.