Buying property on stamp paper and what is legal value of such stamp paper.
You often hear people buying property on stamp paper what does it means and legal value of such purchase.
Buying on stamp paper does not make you owner of that property at all, in legal terms it is called an agreement to sell but not a complete sale.
First I briefly explains what complete sale is, when sellers gets money and buyer gets possession of property and a sale deed is written, that sale deed is then registered in sub registrar office after paying all the taxes (stamp duty, municipal committee tax, advance income tax, gain tax) which at present are about 5% of the sale price of that property, once such sale deed is registered property gets transferred from seller to buyer.
On the other hand agreement to sell is done on stamp paper of 1200 Rs. no other tax is paid and transfer of possession is not mandatory, such agreement is not a sale at all it is a step towards sale, many people make this mistake they pay full price of property, gets the possession and in return just get an agreement on stamp paper and believe that they have become owner of the property, after many years they come to know property still belongs to person who sold it to them years ago. Then most of the time they end up in the court as over the years property prices increases and original owner refuses to register sale deed in favour of buyer and starts to blackmail.
Such stamp paper give you two legal remedies, first you can file suit for specific performance where you ask the court to compel seller to execute sale deed in your favour, secondly you can claim your money back and also ask for compensation from seller,
In simple terms such stamp paper is of no use because when matter gets to the court then proving this document itself is very problematic as seller usually say it is a forged document and he has not sold his property.
You also have to pay court fee along with lawyer fee also lot of time is wasted in whole process.
Writing such agreement for short time is ok and as soon as possible get the registration of sale deed done, in the long run just relying on such agreement will put you in deep trouble.
تبصرے
ایک تبصرہ شائع کریں