You can execute registered agreement to sale and note the terms for the same.
Hi, My brother has an Apartment in India that I want to buy. I am a NRI staying abroad and he is a Indian Citizen in India. As I cant pay him full, I would want to pay him in parts and he is agreed to it. What is the best possible ways to do this. I might not be able to travel to India because of Covid. is there anyway I can do this to safeguard everyone's interest and how?
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Is it possible if I am not physically present in India to this and my lawyer can do the paper work? Is it still considered to be legally binding? do we have to mention the terms of payments or ?what is the duration of Agreement to sale.
Agreement for sale can be entered into with your brother for purchase of property
2) it should mention period within which payment would be made by you
3) on full payment being made registered sale deed can be executed in your favour
Lawyer can draft agreement forward it to you for signature
terms of payment has to be mentioned in agreement for sale
then you can sign the agreement have it attested before Indian consulate and return it to your lawyer
- As per law, an NRI can purchase a residential or commercial property without getting any approval from RBI
- Further, as you don't want to pay the amount in single payment , then you can enter into an agreement for sale with your brother after mentioning the terms of payment and the date of execution of sale deed.
- Further, as you are living abroad then you can give POA to any relative in India to sign and execute the agreement and even sale deed on your behalf.
- Further, that POA should be properly notarized as per rule of Canada, and attested from the consulate of India.
You can enter into a sale agreement with your brother with recitals about the periodical payments and also about the time within which you would be able to pay the balance of sale consideration amount and complete the execution of registered sale deed.
This would protect the interests of both the buyer and the seller.
Your lawyer can vet and scrutinise the papers but he cannot sign on your behalf.
You only have to sign the sale agreement deed.
You an fix the timer limit up to 3 years at the maximum and can renew/extend the same at the end of the maximum period on mutual consent.
Dear client,
You can appoint Power of Attorney to a trusted person on your behalf for the same.
Thank you.
You can execute agreement to sell with your brother where in all the conditions of payment can be mentioned and the entire payment is received the sale deed can be executed in your name.
Presence would not be required as you can give power of attorney to any person to represent on your behalf.
Your lawyer cannot be your power of attorney holder as per the recent judgement of the supreme Court of India.