• Property token amount

I want to go for an informal property agreement to own a land of my friend by paying token amount X without strings attached (time, delay penalty etc).
How can this be legalised- Any stamp? Please provide a sample document.
Asked 4 years ago in Property Law
Religion: Muslim

5 answers received in 1 hour.

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13 Answers

You can go for "Agreement to Sale" by mentioning terms and conditions as per to your requirements. Register with SRO.

Ganesh Kadam
Advocate, Pune
12986 Answers
262 Consultations

Hi, you entered into agreement to Sale without possession. Further, stamp duty varies from state to State in India. So better you can contact local advocate and he will assist in the matter.

Pradeep Bharathipura
Advocate, Bangalore
5611 Answers
338 Consultations

Agreement for sale can be executed by seller mentioning total price for which property is being sold , period within which payment is to be made and receipt of token money 

Ajay Sethi
Advocate, Mumbai
96714 Answers
7795 Consultations

Property has to be transferred in name of vendor then only sold to you 

Ajay Sethi
Advocate, Mumbai
96714 Answers
7795 Consultations

Time for completion of sale has to be mentioned 

Ajay Sethi
Advocate, Mumbai
96714 Answers
7795 Consultations

NRI can execute POA in favour of family member who is staying in India 

 

2) POA should be attested before Indian consulate 

 

3) time should be mentioned for completion of sale 

 

 

 

 

Ajay Sethi
Advocate, Mumbai
96714 Answers
7795 Consultations

sir 

there are lot of terms and conditions in an agreement for sale which you want to execute. it can be executed on stamp paper of rs 100 in india. the formats of various type are available on internet however i will suggest to engage a lawyer and get it properly prepared. the money spent here will come helpful at later stages. a good lawyer will prepare good draft as per your need. in an agreement you can include all the reasonable terms which may not sound totally one sided. yes you can delay the execution of sale deed.

good luck

Gopender
Advocate, New Delhi
384 Answers

Any unregistered sale agreement towards purchase of immovable property would not be legally enforced, moreover it can remain valid only from three years from the date of its execution even if there  is no time limit or time specification is mentioned in the agreement. 

For sample document you can approach a local document writer. 

T Kalaiselvan
Advocate, Vellore
86915 Answers
2331 Consultations

Yes, it has to be transferred to the vendor's name first after which he will be eligible to transfer the came to the new buyer's name.

 

T Kalaiselvan
Advocate, Vellore
86915 Answers
2331 Consultations

The conditions whatever you want to incorporate in the agreement may be done provided they are legally valid.

 

T Kalaiselvan
Advocate, Vellore
86915 Answers
2331 Consultations

Any sale agreement is valid for a period of three years only.

The corona has started recently and it wont continue beyond three years from now, hence do not complicate simple things by giving excuses as such, the vendee can even give a power of attorney deed to any close relative to complete the task on his behalf back in India. 

T Kalaiselvan
Advocate, Vellore
86915 Answers
2331 Consultations

- As per law, the limitation period of any agreement is limited to 3 years from the date of execution of the same

- However , you can execute an agreement without mentioning the time , delay & penalty clauses, but in case of any dispute , this agreement will have no value in the eye of law after the expiration of three years. 

- After getting the sale documents in your favour , you can apply for electric connection in your name or to change the name of previous owner . 

- Yes, you can mention the same but within 3 years the sale deed should be executed .

- An NRI can execute a Sale deed after executing Power of attorney in favour of any relative or nearest one in India. , and his presence is not mandatory. 

 

You can contact me , if further advise needed. 

Mohammed Shahzad
Advocate, Delhi
14404 Answers
221 Consultations

yes you can keep it time bound in the above case.

Prashant Nayak
Advocate, Mumbai
32359 Answers
199 Consultations

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