What is the correct and legal way to execute a property sale agreement?
Here is the step-by-step procedure to execute a property sale agreement, which complies with the legal standards Step 1: Prepare a draft agreement in word format. A draft looks like the below images Step 2: Share the draft with seller, buyer, advocate, and your bank if you opting for home loan. The intention of sharing is to cross-verify corrections and modifications requires to the draft. Preferably share through email for the sake of recording your communication. Step 3: If you are opting for home loan, it's important to frank a sale agreement hence get the confirmation on franking cost from your bank. Generally, the franking cost is 0.1% of selling price. For example the selling price is Rs. 83,00,000/. The franking cost is Rs. 83,00,000X 0.1% = 8,300/- But for some cases, if you have good rapport with your bank, your bank may advise you to use only Rs. 200 e-stamp paper instead franking of 0.1% of selling price. (Many people often confuse with franking and e...