(c) Payment details: The receipt of the tokens of the Memorandum of Understanding should indicate the expected date of signing of the sales contract, the money paid as a token and the amount due at the time of signing the sales contract. Determine the credibility of the seller before paying the money from the tokens, and avoid cash payment. If you pay the money from the tokens through banking channels, the seller cannot prove otherwise. (d) Sales Contract: A sales contract is a final legally enforceable legal document. It is legally binding on all parties and confers essential rights on the parties. When a party violates the terms of the sales contract, it is a legal offense. In many cases, the money from the tokens is paid at the time of execution of the sales contract. On the basis of this, the buyer requests a loan for the construction of housing. As a rule, the sales contract is executed on buffer papers corresponding to 0.1% of the value of the sales contract.
In a few cases, I have advised my clients to register the sales contract similar to the deed of sale, especially for risky transactions. Each stamp duty paid to the civil registry office for the registration of the contract of sale is adapted to the time of execution of the deed of sale. An agreement always comes with the termination clause. There are no fixed rules for the amount the buyer must pay to the seller in the form of token money. This amount varies from case to case. “A buyer pays part of his acomptt for the property as token money, if he buys the property from a developer. So, if a buyer plans to pay Rs 10 Lakhs out of pocket to buy a property that is worth Rs 50 Lakhs, he would normally give Rs 1 Lakh as a token or booking amount to the developer,” says Gaurav Singhal, a Delhi-based real estate agent. 3) Instead of terminating the contract, write to the seller that you are willing to immediately pay the balance of Rs 66 Lakhs by check and execute the registered deed of sale in your favor. Please note that at the time of sending a letter or email, your bank account should have the necessary means (c) notary/MOU contract: Although it is not necessary to certify a memorandum of understanding or agreement at the time of payment of the token money, I think it is advisable. The notary just certifies that all the parties have signed before him. It protects a buyer`s interest in avoiding any dispute. In case of infringement on the part of the seller, he must compensate the buyer according to the conditions, which is usually an equivalent amount added to serious money..
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