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varmaalluri   16 April 2016

Documents for purchase of second hand machinary

Hi my brother is purchasing second hand machinary and what are all legal documents required and if you had any sample format for purchase of second hand machinary please share here

 

Thanks in Advance



Learning

 3 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     16 April 2016

you can purchase second hand machinary. for present the 2nd hand machinary value, you have to produce certificate to be obtained from a licensed valuer  and pay the stamp duty on it at the reduced rate prescribed in your state along with land/building value. the land/building value shall be levied as conveyance on sale as prescribed in your state. the stamp rates varies state to state.

G.L.N. Prasad (Retired employee.)     17 April 2016

and also collect all original invoices, a proper stamped receipt for having paid the amount of cheque, confirmation that no borrowings were made or outstanding and that machinery was not mortgaged / hypothicated to any financial institution and an indemnity agreement that in case of any problems in title / ownership, the seller indemnifies the purchaser.  All these terms can be drafted as an agreement by an expert advocate.

varmaalluri   17 April 2016

Kindly  share me the format for purchase of second hand machinary if you have because i can't afford adviser at this point of time.


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