Sale deed to be executed in 13yrs to other person. Risk in buying it?
I want to purchase a housing board flat in Faridabad, in resale, which is allotted to some one but the conveyance deed will execute after 13 years.
Should I purchase this by Registered GPA, Sale Agreement or Will? Is there any risk to buy this property?
What do you mean by "The Conveyance Deed can be executed after 13 years". In law, conveyance is the transfer of the legal title of property from one person to another. If a Conveyance Deed in entered into, for transferring the legal title of the property from one person to another, via a sale, then that Conveyance Deed would be termed as a Sale Deed. Hence, it can be said that a Sale Deed is actually a form or a type of Conveyance Deed. So, if there is a restriction on the conveyance deed, then we will have to examine the document, whether there is a restriction on sale or not.
Further, the other reason for restriction for the Conveyance Deed may be that it is a leasehold property. So in such a scenario, you will have to execute a registered GPA.
With respect to the Will, it is a legal declaration by which a person writes the testators' names, one or more persons to manage his or her estate and provides for the distribution of his property after death. Therefore, the property will be transferred to you after the death of the testator.
Hence, we will first have to evaluate the documents, then we will be able to suggest you whether you should execute a GPA or not.
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