Advice on purchase of land
Hello I am planning to buy a land by paying some advance and balance will be paid over a period of two years in installments. Kindly what kind of agreement should I execute so I will be on safer side just because the seller wants 50% in black and rest in white. And also do I need to register the agreement.
Asked in Property Law from Goa Velha, Goa
1) enter into agreement for sale with the seller. check whether original title deeds are with seller . take inspection of records from sub registrar office
2) agreement for sale should provide that on full payment being made sale deed would be executed within period of 3 months and possession handed over to you . time should be essence of the contract
3) dont make 50 per cent black payment . the reason being if for some reason sale does not go through seller would only refund payment made by cheque . the cash payment would not be refunded .
4) get agreement drafted by local lawyer . no need to register agreement for sale
1. An agreement to sell should be executed which should clearly delineate the rights and liabilities of the seller and prospective buyer. It is not mandatory to register the agreement,
2. Get the agreement drafted from a lawyer to protect your rights.
Thanks for answer but I would like know if I can execute MOU between seller and buyer
Asked 1 year ago
1) MOU can be executed but get it drafted by a local lawyer to protect your interests
An agreement is also a MOU as it is a charter of rights which are legally enforceable.
A registered sale agreement will be the document which will safeguard your interest and money invested on this purchase.
If you want to execute a MOU then what will be the contents because the MOU cannot be registered and even if it is registered it will not hold legal validness.
Take wise decisions as per prevailing situations.
1. This type of agreements are risky since if the seller refuses to honour the agreement later on then even against Court order, you will receive only the amount what you have paid in cheque with interest and damage and certainly not the black portion,
2. Such agreements are required to be registered.
1. Yes, you can execute MOU but it is required o be registered,
2. You may not be able to recover the payment made in black as suggested in my earlier post.