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Wanted to understand the formalities for purchase of open park
12-Apr-2023 (In Property Law)
Hi just wanted to understand the formalities for purchase of open parking from first owner. Mr A had bought this parking space from the builder in 2006 & is having the payment receipt and allotment letter for the same. We are now planning to purchase the said parking space now.. the initial owner will hand over the original documents with Memorandum of Understanding for the same. Both of us stay in the same society. I wanted an advice with regards to that whether we need to get into a sale agreement with stamp duty or a notarised MOU backed by all the original documents will suffice??
One can sell a property under MoU. There is no bar. Stamp duty is payable on the value of subject matter of transaction and name of the instrument does not change it. If sale is effected under MoU, relevant stamp duty as conveyance is payable and it has to be registered as per law. MoU is nothing but a form of contract and is legally enforceable.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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