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Purchase of resale property - When to register agreement
19-Dec-2023 (In Property Law)
I intend to purchase a resale property in Mumbai (assume value to be 100).
It is agreed between us that i will pay 5 as the token amount and sign a MoU which will have further details of the transaction. I will be availing a home loan of 75.
The seller is insisting that i complete the payment of my contribution 25 (incl token) before we go in for registration of the agreement for sale, however i feel that on payment of 10 should be sufficient for the seller to proceed ahead with the registration (as per the RERA guidelines builder should register property on receiving 10% payment from buyer)
Kindly advise the best course of action for transfer of money to the seller and the stage at which registration can be done.
This is my response to you:
1. Is the seller the builder, then only provisions of RERA apply. Also no MOU but an agreement to sell will come into play;
2. Other Transfer of Property Act applies to you both;
3. State full facts, the amount, the location of the property etc;
4. If it is an individual seller then he can decide the split as per his wishes;
5. Consult a local lawyer with full facts and then take steps.
1. Is the seller the builder, then only provisions of RERA apply. Also no MOU but an agreement to sell will come into play;
2. Other Transfer of Property Act applies to you both;
3. State full facts, the amount, the location of the property etc;
4. If it is an individual seller then he can decide the split as per his wishes;
5. Consult a local lawyer with full facts and then take steps.
Helpful?
Adv. Gowaal Padavi
Mumbai | 500+ Answers
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