Legal document of payment made on booking flat in pre-launch property
Hello, I am planning to book a flat in a pre-launched project. Builder is providing MoU on 100 rs/- stamp paper at this stage as land is yet to registered on builder's name. I have checked the all details in MoU and all necessary items are included in it however as far as I am aware a MoU is not a legal binding document. I am suppose to make payment of 5 Lakhs as part of booking amount and remaining 20% at the time of land registration ( 1 Month later approximately). Can you please suggest if this is advisable or the money I am going to pay before sale agreement is secured by a MoU? Thanks!!!
Unless the land is transferred in the builders name, we will suggest that you should not to give any booking amount to the builder.
Furthermore, yes if you sign a MOU then it becomes a legal document and is enforceable.
If the land is transferred, then after property due diligence you can execute an MOU and give a booking amount
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