Joint sale deed

Tanaaz shaik (Querist) 16 August 2014 This query is : Resolved
Dear Experts,

my cousin brother is willing to invest. there is one building, in which there are 4 garages and one shop available. my cousin is interested to buy one shop and one garage and his partner wants 3 garages. but his partner wants to make a combine sale deed for all this units and later wants to execute a MOU between them to specify the units for each. is this deed is safe? is MOU safe? please advise.. thanking you in anticipation...

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ajay sethi (Expert) 16 August 2014
no . absolutely not . separate sale deed should be in favour of your brother for one shop and garage . . let his partner buy shops and garages in his own name .

Rajendra K Goyal (Expert) 16 August 2014
Separate deed for each unit with full details. Agree with the expert.

Raj Kumar Makkad (Expert) 16 August 2014
There is no harm to execute and register a single sale-deed specifying therein separate units purchased by individuals. There shall not arise any question of subsequent MOU in that event.

Tanaaz shaik (Querist) 19 August 2014
Thanks very much indeed..

Raj Kumar Makkad (Expert) 20 August 2014
You are most welcome.

T. Kalaiselvan, Advocate (Expert) 22 August 2014
It is always better to have a separate sale deed on individual's name and then execute a MOU for joint venture business.

Tanaaz shaik (Querist) 23 August 2014
Thank you Mr Selvan. Appreciate your feedback. have a great weekend to all...

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