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Agreement of Sale without registration on Rs.500 estamp paper
07-Dec-2024 (In Property Law)
I plan to purchase an under-construction flat for Rs. 70L (market value Rs. 80L). I am planning to sell this immediately once completed at 80L or above. To save money, the builder insists on drafting the sale agreement on a Rs. 500 stamp paper with a consideration amount of Rs. 0. His advocate says this is standard practice, and to do a full registration at the sub-registrar’s office, with payment of stamp duty and registration fees, will follow after completion. Is this legally safe?
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Adv. Anik
Bangalore / Bengaluru | 400+ Answers
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If you go fo registered sale areeement it would be legally safe and binding, if any disputes arise you can avoid penalty for an unregistered agreement, before going forward with registration get verified submitting your draft agreement to advocate
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Adv. Hanumesh H N
Bangalore / Bengaluru | 700+ Answers
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if you do not want to spend on a registered sale agreement and go for a unregistered sale agreement on a stamp paper of 500 rupees you must be having extreme confidence or the Builder developer, as there are instances where the Builder developers make another registered sale agreement in the name of someone else and raise another loan.
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Adv. S.K Prabhakar Shetty
Bangalore / Bengaluru | 1000+ Answers
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