Points to note in your Property or Apartment Sale agreement
While making a property agreement you have to keep some basic points in your mind. This not only helps you to ensure the validity of the agreement but also in saving time and avoiding unnecessary delays from the seller. Here are some tips that help you to ensure the validity of your property.
- Terms for Payment: The buyer and seller have to agree upon the terms on the price and other expense for transfer of property. The document must contain the term and method of payment agreed by both buyer and seller as well as the time required for payment of the last installment of the property. The lawyer of both buyer and seller must go through the document and it has to be signed by both the buyer and seller.
- Transfer Title of Property: Title of property is an important thing for the sanction of mortgage or loan from bank. The title of the property should be transferred to the buyers name when the seller receives the amount agreed by the buyer. Transfer of title of property is the last step in the transaction of transferring the property. The seller has to register the property in the buyers name in the local Registrar office or under which jurisdiction the property belongs.
- Stamp Duty: Stamp duty rates are fixed for properties by the authorities. The rate may vary from state to state. The buyer has to ensure that the seller has registered the property in the buyers name on the rate levied for the property transfer..
- Sales deed: Sales deed is an agreement between the buyer and seller. You need to go through all the papers and things which are written in it. You can show them to one or more experts before signing on them. If any property has one or more owners, each person has to sign on the document. It contains layout, details to identify the property etc.
