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aditya (self)     09 July 2011

sale purchase agreement

I have self acquired property .
I want to sell property to a friend who is unable to pay full amount in short period of time . I wish to help him while keeping my rights secure . He says he will pay the agreed price in installments over a period of 10 years . I have no objection as he is good friend who has helped me many times in past . My children do not like agreement spread over 10 years . They say the agreement of 10 years is illegal .

My questions :

1. Is sale-purchase agreement spread over a period of 10 years illegal when the buyer and seller have no objection ?

2. Suppose I die during 10 years of agreement , how can I assure that my children do not harass my friend after my death ?



Learning

 2 Replies

krantiveer (Advocate)     09 July 2011

Self acquired property can be sold by the owner as and when he pleases, provided he can give vacant possession.

aditya (self)     09 July 2011

the possession is with me


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