Land Sale Agreement In Kerala

The above definition shows that a purchase agreement contains a promise to transfer the property in question in the future under certain conditions. This agreement itself therefore does not create any rights or interests on the property for the proposed buyer. 1. And while the first party assured the second party that the property in question did not mortgage or grant a guarantee in court or a financial institution or corporation, no sale agreement was reached with another party prior to the agreement. The Kerala Registration Department registers the property in accordance with Section 17 of the Registration Act 1908. Under this Act, the sale of real estate, a lease of more than 12 months worth $100 or more, must be registered under this Act. In addition, the cost of registering accommodation in Kerala varies depending on the accommodation. In addition, you can make the stamp and check-in for Kerala real estate registration easily via the online portal. The Supreme Court also reaffirmed the importance of the contract of sale between the owner and the purchaser, since it recently decided that the period of awarding a dwelling unit to a home buyer should be taken into account from the date of the owner-buyer agreement and not from the date of registration of the project under the Real Estate Act (regulation and development). , 2016. The court also ordered the rera authorities to order the payment of compensation by the contractor, in accordance with the sales contract whose unsealability was upheld by this decision. Stamp paper can be obtained from the public treasury.

The current fee for registration in the Kerala register is 8% for stamp duty, regardless of the area. There will also be an additional fee. Then, depending on the category of the country, you can get the fair value of the land. The selling value should not be less than fair value. Signing a purchase agreement becomes important given several factors. First, it is legal proof that the buyer and seller enter into an agreement on the basis of which the future approach will be decided in the event of a dispute. Also, if you apply for a home loan, the bank would not accept your application until you sign a sales contract. You also need to save your land in the shelter.

In addition, you must complete the registration process within the time frame specified in the sales contract. As a general rule, 2% of the cost of the land is covered as a registration fee, regardless of the location of your land or land. If the seller does not sell or return the property to the buyer, the buyer is entitled to a special benefit in accordance with the provisions of the Specific Relief Act of 1963. A similar right is available to the seller as part of the agreement to require a certain benefit from the buyer. An agreement is in fact a legal written contract between the buyer and the seller in the presence of a few witnesses. In accordance with the agreement, the seller agrees to sell his property or property to you (buyers) and, as a buyer, you must also accept that you voluntarily purchase the property under certain conditions. Terms and conditions are the value of the property, the property, the extension of the land, the prepayment or advance as well as other relevant conditions. The agreement also states that if the buyer or seller violates the terms and conditions, both are eligible.

A charge certificate generally guarantees that the property or land you want to buy is free of any claims, such as loans, leases, unpaid debts, etc. Following the review of the property documents, the Office of The Sub-Chancellors is responsible for issuing the certificate of penalty.