Minimum amount to be paid to the seller at sale agreement
Dear Sir, i wish to know the minimum advance amount or percentage against sale value of a property, that has to be paid to the seller or can be demanded by the seller at the time of or before the execution of the sale agreement.
Asked 12 months ago in Property Law from Kolkata, West Bengal
Hi, There is no minimum amount it must be paid as an advance to the Seller.
2. It is all about purchaser and seller agreed to each other.
1) you can make payment of 10%of sale consideration as advance .
2) the agreement for sale should contain a clause as to period within which full payment would be made
3) there should also be clause for refund or forfeiture of advance money if sale does not go through
There is no amount fixed by the law. It can even be 1 rupee and as high as the entire sale consideration. This is entirely up to the seller and prospective buyer.
There is no specific amount it can be negotiated by the parties,. however it is better to pay minimum amount of advance.
There is no hard and fast rule to decide about the exact percentage of total sale consideration amount to be paid in advance for registering sale agreement. It shall be a decision to be taken on mutual consent between both the parties.