To ensure your property sale agreement in Delhi is legally binding, follow these key steps:
Drafting: Engage a legal expert to draft a comprehensive agreement detailing the party’ names, property description, sale consideration, payment terms, possession date, indemnity clauses and dispute resolution mechanisms. This ensures clarity and legal compliance.
Stamp Duty and Registration: Execute the agreement on non-judicial stamp paper of the correct value. Register the document at the Sub-Registrar’s office within the property’s jurisdiction. Registration is mandatory for the agreement to be legally enforceable and admissible in court.
Clearance and Due Diligence: Clear all outstanding dues and mortgages on the property. Obtain necessary NOCs and conduct a thorough title search to confirm ownership and identify any legal issues. This step is crucial to prevent future disputes and secure the buyer’s interests.
Witnesses: Have the agreement signed in the presence of witnesses, who also sign the document. This adds an extra layer of authenticity and can help in legal proceedings if disputes arise.
Professional Assistance: Consulting a real estate lawyer ensures compliance with local laws and helps navigate any complexities. A lawyer can assist in drafting the agreement, overseeing registration, and providing legal advice throughout the process.
By adhering to these steps, you can ensure your property sale agreement in Delhi is legally binding, providing security and clarity for both the buyer and the seller.
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