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How do I draft a property sale agreement for a property in Delhi?

How do I draft a property sale agreement for a property in Delhi?

Published At July 10, 2024

Answer

Drafting a property sale agreement Delhi involves several crucial steps to ensure a legally sound and enforceable document. Here’s a guide to help you through the process:

  • Property Details: Clearly mention the property’s location, size and description. Include details such as boundaries, municipal number and any significant features of the property​​.
  • Parties Involved: Identify the seller and buyer with their full names, addresses and identification details. This ensures there is no ambiguity about the parties to the agreement.
  • Sale Consideration: Specify the sale price agreed upon by both parties. Also, mention the payment schedule, including the amount paid as earnest money and subsequent payments until the final settlement​​.
  • Encumbrances and Title: State that the property is free from any encumbrances such as mortgages, liens, or legal disputes. The seller should affirm clear title to the property, and this should be verified through a title search​ ​.
  • Possession: Define the date when the buyer will take possession of the property. This is typically upon full payment and registration of the sale deed​.
  • Signatures and Witnesses: Ensure the agreement is signed by both parties and witnessed by at least two individuals. This adds a layer of authenticity and legal enforceability​​.
  • Stamp Duty and Registration: The agreement must be printed on non-judicial stamp paper of the value prescribed by the state government and registered at the local sub-registrar’s office to make it legally binding​​.

Drafting a property sale agreement Delhi correctly helps avoid legal disputes and ensures a smooth property transaction. Consulting a real estate lawyer can provide additional assurance and guidance through this process.

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