Dear Firends,
If, someone had entered into a Hire Purchse Agreement for any immovable porperty (say Residential Flat). In such case, What formalities I need to comply with and how could I get the property registered in my name after succefully completion of Hire Purchase Agreement term. How a sale deed to that effect is to be drafted?
Further, Do we need to mention the interest portion in the sale deed, if paid as per HP agreement terms?
For Example: I occupied a flat on HP basis @ Rs. 10,00,000/-. Monthly HP payment agreed is Rs. 10,000/- p.m. for a period of 10 years. In such event total payment of property would be 12,00,000/-. So, how we need to register the sale deed upon completion of HP transaction after 10 years (on 10,00,000/- or 12,00,000/-)?
Please guide..
Renish Rao (Advocate)
Ahmedabad, Gujarat
(M) 098795 53545
