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MOU vs Agreement for sale of Property?
26-Sep-2023 (In Property Law)
I am about to buy a property in Mumbai and agreed with the seller for the total amount of Rs. 33 Lacs. Now, I am going to pay the part payment of Rs. 20 Lacs now and the remaining in 3 to 4 weeks time. My question, what document should I create to make this initial payment of Rs 20 Lacs that will be legally binding. Is MOU good enough?
If possible go with agreement to sale and after paying all the amount get into the sale deed. This will be legally helpful for you. Mou is also good but it's not a registered document. I suggest go with registered document.
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Adv. Aman Goel
Pune | 25+ Answers
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MOU is not sufficient to prove the liability.
U need to make agreement to sale first n give 1lakh. Then give public notice after that if NOC appeared for that property then u can proceed for sale deed
U need to make agreement to sale first n give 1lakh. Then give public notice after that if NOC appeared for that property then u can proceed for sale deed
Helpful?
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Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
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