Agreement For Land Purchase Advance

If the seller still has a home loan outstanding on the land, he would ask the buyer to pay advances that could be used to conclude the loan and conclude the sale using the necessary documents. In such cases, the lender must provide a No Objection Certificate (NOC) attesting that the loan has been repaid and that there are no outstanding fees. It is advisable that buyers avoid such payments. 5. You can certainly ask the buyer to enter into a new contract at the current market price. Stamp duty must be paid at the market rate. 3. Better to respond to the legal opinion and if they are willing to buy in a new price, you can proceed with the transaction. Note here that non-payment is not a great option for the buyer. You must first make this payment and then pay at least 10% of the value of the transaction while signing the sales contract. As long as the payment is limited to it, the buyer does not take any financial risk.

Even if you have the money to make the payment in advance, the buyer should avoid paying more money than the buyer until the deed of sale is registered. 6) In case you sell the land, the original buyer will move the court and get a stay Therefore, it is always advisable for the buyer to avoid the deposit in a real estate transaction to buy stamp papers or make a payment for it. You can at any time have a bank check or a change of claim on the day of registration of the property. To be safe, check the exact amount of stamp duty and registration fees from the Sub-Registrar`s office. You must verify this data at least 5-6 days in advance from the date of registration, receive a bank cheque or debt change from your bank, and file with the sub-registrar`s office on the day of registration. Finally, a buyer should include relevant and enforceable clauses in the sales contract in order to protect the financial interest in the event of an unfortunate event or the agreement is cancelled due to unforeseen circumstances.. . . .