Registration of sale agreement
Querist :
Anonymous
(Querist) 11 May 2011
This query is : Resolved
I have purchased a ready to movein flat in Bangalore from a reputed builder. I will be applying for a loan to pay for this flat from ICICI bank. The builder has taken advance payment and is preparing the ‘Agreement to Sell’. Now he has asked my for DD of 20,000 Rs. for registering the agreement to sell with Sub-registrar. My bank does not need registered agreement worth 20,000 rs. Only a stamped agreement of stamp value 200 rs is sufficient for them to disburse the loan. Please advice on the advantages & disadvantagees for me to pay this 20,000 rs to builder for registration at this stage? Also it is legally mandatory or may i negotiate with builder to pay this amount at time of flat registration.
Guest
(Expert) 11 May 2011
IN CITIES THE REGISTRATION OF AGREEMENT TO SELL IS NECESSARY. BECAUSE THE TIME FRAME TO GET LOAN AMOUNT MAY VARY ACCORDING TO BANK AND OTHER DOCUMENTS. IF IT IS REGISTERED YOUR CLAIM IS PERFECTLY PROTECTED IF THERE IS ANY FLAWS IN FUTURE. ALSO YOU CAN GET THE SALE DEED EXECUTED ON THE AMOUNT AGREED IF THE BUILDER REFUSES ON THE GROUNDS OF RAISE IN MARKET VALUE ETC.
