However, since this document has no legal validity, since it has not been registered, it is most often used as proof of payment and not as a legal document that can be presented to the courts in the event of a dispute. The buyer and seller enter into a registered contract only when the buyer pays at least 10% of the contract value and a construction/buyer contract or sales contract is signed between the two parties. (e) Mention the dener and sale/subsequent execution contract: If you issue a payment receipt or execute a contract, mention that you currently pay only one symbolic money. An agreement will be signed later and they will mention the timing of the sale/sale contract execution, as I mentioned in the previous point. (h) Death of a buyer/seller: If God forbids and something happens to the buyer or seller before the real estate agreement is concluded. In this case, the legal heirs of the buyer and seller should have the same rights as those of a buyer or seller. Either the money from the tokens is repaid or the agreement is made by legal heirs. This clause is insufficient if the interval between the signing of the agreement and the sale agreement is more than one month. It would be great if we could download the agreement from here. Legal Document Generatoraffidavit Format Token money is paid when the buyer and seller obtain a verbal agreement to complete the agreement. At this point, the paperwork is not yet complete. Although there are no written rules on this, another common practice in the Indian real estate market is that sellers can lose the entire amount if the buyer falls back from his verbal promise. On the other hand, the seller must return the token`s money to the buyer if he cannot close the transaction for any reason.
(a) Payment receipt: This is the most common way to pay the money from the chips. As token money is paid in the very short term, there is not much time left to close the legal documents. In the minds of both parties, there is concern that other parties will not withdraw from the agreement. Token Money is paid/received as collateral to complete the agreement. A proof of payment can be printed on 2 R of stamp paper or 10 Rs of stamp paper (depending on the state). The seller can register on Revenue Stamp to confirm receipt of payment. (c) Payment details: Mention the mutually agreed counter-value and when it is due by the buyer to the seller. For example, 2 Lakh paid as token money, 10 Lakh on the date of the sales contract and balance 68 Lakh paid at the time of sale. (d) Timeline/ Validity: Assuming you sign an agreement, please mention the validity of it. Also mention the payment schedule and other terms and conditions (if necessary) of the agreement.
In the case of my clients, who is a seller, the buyer does not register the property even after 3 years of signing the sales contract. The reason is that there is no such timetable in the sales contract to conclude the agreement. See also: COVID-19: How to accept money from online tokens? (i) Witnesses: It is important to obtain the signature of at least 2 witnesses upon receipt of payment/ MOU. In many cases, buyers and sellers sign an agreement without witnesses.