Which Date to be considered for Purchase?

Querist : Anonymous (Querist) 25 November 2009 This query is : Resolved
I have a question about Date of Purchase of property. Which of the following is considered as date of Purchase?
(1) Date of making initial/final payment? If payment is made in installment as per stage of construction/completion.Say for instance initial 1st payment is made in sept’05, and final payment in March’06
(2) Taking over the possession of the flat? With duly signed agreement and Stamp duty paid in March’06.
(3) Registration of the property—and what if registration is yet pending.
Kindly Guide me.

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A V Vishal (Expert) 25 November 2009
The date of purchase for the vendee will be the date of registration.

Querist : Anonymous (Querist) 25 November 2009
Dear Shri A V Vishal,
Thank you for your guidance. But request one more clarification. Since it is not yet registered, does it mean that even payment has been made one is not the owner of the property?(I mean legally.) If further details are required, please let me know and I will submit in details.
Mean while Thank you in anticipation.

A V Vishal (Expert) 25 November 2009
Although there is a legally enforceable contract, the same can be rescinded by either parties for breach of terms. The ownership in the property is not delivered until such property is registered in the vendee's name, hence even if any advance payments are made the contract is complete only on the final performance viz registration by the vendor in favor of the vendee. Hence my opinion, but, the opinion is on the general query submitted by you, if you have any specific query then opinion might change on the basis of the facts therein.

Raj Kumar Makkad (Expert) 25 November 2009
The contract completes only when parties to the contract perform fully their part.

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