If you are going to buy property then this news is important for you. It takes a lifetime’s earnings to buy a property. If you make this mistake while buying a property, then your lifetime earnings can be wasted.
Buying a property in this era of inflation is not a trivial matter and we all know this very well. A person spends all his hard earned money to buy a property. On the other hand, there is no dearth of people who spend their entire life’s earnings to build their dream home.
Property dealing is always in big amount, so while dealing in property one should always be cautious and keep some important things in mind. A small mistake or ‘greed’ on your part while buying a property can ruin your lifetime’s earnings in a jiffy. After which you will not be able to do anything even if you want to.
People get badly trapped in the matter of saving a little money.
Today, here we are going to tell you some very important things related to property dealing, which should always be kept in mind. Actually, according to the rules, if you buy a property, then you have to pay stamp duty to the government. Your property is registered only after paying the stamp duty. But, alas, many people do not pay stamp duty due to the greed of a little money. Due to which even the registry of their property could not be done.
The surprising thing is that many people who buy property worth lakhs of rupees get a power of attorney or full payment agreement made for the property deal in order to save a little bit of stamp duty. While this is not legally correct. Power of Attorney or full payment agreement does not give you legal ownership of any property.
Today, here we will give you information about full payment agreement, what it is and what are the disadvantages of buying a property through it.
What is full payment agreement
Instead of a firm registry of property in different states of the country, many people get a full payment agreement made. Actually, stamp duty has to be paid for the firm registry of the property, in order to save it, people get the full payment agreement made for the purchased property. But this is absolutely wrong from the point of view of law. First of all, it should be known about the full payment agreement that it does not give legal ownership of any property.
Full payment agreement does not give legal ownership
There is one more big thing about full payment agreement, which is very important for all of us to know. Explain that the full payment agreement is only for a fixed time, which is made after the full amount of a property has been given. In such a situation, you cannot become the legal owner of a property just by paying the full amount. To get legal ownership of any property, it is mandatory to register it.
Only seller of property can challenge in court
In many cases related to property dealing, it is seen that instead of getting the sale deed of the purchased property, people only get the full payment agreement done and get the possession of that property. But, if the person selling the property claims it after some time, then you may be in trouble.
Not only this, many times after the death of the seller of the property, only his children or close relatives lay claim on such property. In such circumstances, you may have to face only and only heavy troubles. Such cases are always weak in the court and without registry you cannot present your ownership rights on the property. In the end, the hard-earned money with which you bought that property has to be lost.
Registry is very important
Regarding the purchase of property, the law says that if you buy any property, then in lieu of that, pay the amount of stamp duty and get it registered. That’s why whenever you buy a property, you should get it registered as soon as possible by paying stamp duty. Not only this, it is also very important to get the registration of that property rejected after getting it registered.
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