Once a buyer has found the property that he wants to buy, it must be ensured that the vendor cannot sell the property to another purchaser. For this purpose, the buyer and the vendor must sign a contract that binds both the parties. This document is called a Sale Agreement or an Agreement to Sell. An Agreement to Sell is a compulsorily registrable document and an unregistered Sale Agreement has no value in the eyes of law. The Agreement to Sell must be registered in the office of the Concerned Sub Registrar within whose jurisdiction the property is situated after payment of applicable Stamp Duty. While a Sale Deed is used for the transfer of ownership of freehold properties, a Sale agreement is generally used for the transfer of leasehold properties such as Flats, Plots, Shops etc.
Registration of Agreement to Sell / Builder Buyer Agreement in Pune
Following are some of the Important Points to note in relation to Registration of Sale Agreement in Pune:
1. Stamp Duty equivalent to that payable on the registration of a Sale deed.
2. Registration fee shall be payable @ 1% of the value of the Property as per the Circle Rate.
3. Both the parties, and two witnesses along with their identification documents need to be present during the presentation of the document before the Sub - Registrar.
Section 23 of the registration act declares that any deed executed should be submitted for registration within four months. If the presentation is beyond four months the registrar has jurisdiction to condone the delay of four months under section 25.
If the property purchased is a resale, under construction or ready possession, the registration charges are one (1) percent with a cap of ₹ 30000/- on the market value or on the consideration value mentioned in document or instrument whichever is higher.
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