I am purchasing a resale flat in Mumbai, the previous flat owner purchased it from builder in 2017 and made an “agreement for sale” and paid stamp duty and registered the property. Now in 2024 I am buying the property, we have agreed for a date to do registration by making an agreement for sale, 1st installment will be paid on the date of registration via online transfer, rest all installment will be paid in 2 months’ time from the date of registration. My question is after 2 months when the entire amount is paid do I have to make a “Sale Deed “again and register that sale deed? Because just making agreement for sale will not transfer the title of property to me. Is it necessary to make Sale deed? or agreement for sale will be sufficient, because the lawyer is saying you don’t have to make sale deed and they will put a clause in "agreement for sale" that on completion of entire amount of payment to the seller the "agreement for sale" will be considered as "sale deed". Can you please tell me the standard practice that is followed in Mumbai.
CAclubindia
