What is sale agreement possession?

What is sale agreement possession?

The agreement to sell with possession is an instrument which requires payment of the stamp duty applicable to a deed of conveyance. It is not in dispute that the possession of the property had been delivered in favour of the appellant. He has, thus, been exercising some right in or over the land in question.

Who makes the sale deed buyer or seller?

Whoever has their name on the deed is the rightful owner of the home, so it’s one of the most important documents in buying or selling a home. The seller typically prepares the real estate deed, usually with the help of a title company or an attorney to ensure the property transfers successfully.

Who will prepare sale deed?

Sale Deed Procedure

• A legal expert or an advocate drafts the Sale Deed.
• The buyer purchases the stamp paper in relation to the property value.
• Registration date is agreed upon by all parties.
• The registration fee is paid.
• The buyer, seller, and 2 witnesses arrive at the sub registrar’s office to register.

How do you write a possession letter?

That I have delivered the actual physical vacant possession of the property thereto to the above named purchaser on the spot and I have received the entire full and final consideration amount from the above named purchaser.

What is possession letter of property?

A possession letter is a document issued by the developer in favour of the buyer stating the date of possession of the property. It is issued after the developer gets a completion certificate from the designated authority. A possession letter does not make the buyer the legal owner of the property.

What is a possession letter in real estate?

A possession letter is a document issued by the developer in favour of the buyer stating the date of possession of the property. It is issued after the developer gets a completion certificate from the designated authority. The letter is drafted on the name of the buyer with the prospective completion date mentioned on it.

What happens if you buy a house without a Possession Certificate?

Occupying a property without an OC is considered as illegal and local civic bodies can ask you to vacate the property. You may have to face trouble in getting water connection or sanitary connection or electricity supply connection. Most of the financial institutions may insist on Possession Certificate to sanction home loans.

Can a buyer dispute with a builder at the time of possession?

In many cases, a buyer is NRI or stay in some other city. It is very critical to physically inspect the property before accepting the possession of property. These days the not so good construction quality cause a dispute between buyer and the builder at the time of possession.

Is buying a resale property a good option?

A resale property is a good option from a buyer’s perspective. Buying a house in resale means you will not have to spend any money as rent. You will also not have to eagerly wait to get the possession of your dream home; you will have it ready to move in.