Advance Agreement For Sale Of Land

In short, TDS as a prepayment in a real estate market is a BIG NO, even if it is 1% (in the case of a resident Indian seller). You can ask the bank what the payment date should be in this case on Form 26QB or Challan 281? And who is responsible if the agreement is not reached? In some cases, the sub-registrar insists on a prepayment of TDS for the registration of real estate. The rules on stamp duty and registration fees vary from state to state. In some countries, you can buy stamp papers for stamp duty before registering the property register. The problem is that these papers are not transferable and are not refundable. The validity period is usually 6 months from the date of purchase. Only a few states offer the option of paying stamp duty and registration fees in advance. “Any sales contract that is not a registered promotion (nature of sale) would fall short of the provisions of section 54 and 55 of the Transfer of Ownership Act and would not confer ownership and would not transfer any right to purchase property (except for the limited right granted under Section 53A of the Transfer of Ownership Act).” In one case, the enthusiastic buyer bought stamp papers in advance. Unfortunately, the agreement was cancelled because of an error of law in the right of ownership. He lost the money because he could not finish another property in 3 months. In this case, the validity of the stamps was 3 months from the date of purchase. In one instance, my client used the MNC bank`s home loan and bank executives insisted on the TDS advance payment of the buyer`s contribution. The problem was Rs 100, the buyer paid Rs 10 as token money and Rs 80 had to be paid by the bank.

The TDS amount was Rs 20.66 (Long Term Capital Gain for real estate valued at more than 1 Cr). The bank insisted that the buyer pay this amount out of pocket. The manager of the bank could not explain that even if the buyer pays 20.66 ru. at advance TDS, the total payment to a seller is 80 Rs 20.66 – Rs 10, i.e. 110.66. How the buyer receives a refund of the excess paid, 10.66 ru. This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act. Section 53A provides that the seller has no right to disturb the purchaser`s possession if the purchaser has entered into possession of the property that is the subject of the transfer, while fully acquiring its portion of the contractual obligation. It should be noted that Section 53A provides the proposed purchaser with a shield against the seller and prevents the seller from disrupting the purchaser`s property, but it does not cured the buyer`s property.

The property`s ownership remains in the hands of the seller. A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. The Transfer of Ownership Act of 1882, which governs matters relating to the purchase and transfer of real estate, defines the sales contract or sales contract as sub: Therefore, it is always advisable for the buyer to avoid the down payment in a real estate transaction to buy stamp papers or pay them a payment. You can always have a bank check with you or request a project on the day of real estate registration.

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