1/20/2024 0 Comments Mou format for sale of property![]() ![]() This way, it will save a lot of time and energy for both parties. It’s very beneficial for both the seller and the buyer if the transaction takes with the help of a bank. Try to avoid paying the token money in cashĪrranging a huge sum of money is not an easy task. If you get the receipt in front of other people then you have someone who can authenticate the deal if any dispute takes place between the seller and the buyer.Ĥ. Try to sign the papers of agreement with at least two witnesses. Make sure that you pay the token money with witnesses. Pay the token money in the presence of witnesses Paying token money is a small part of the whole deal.ģ. The token money is the initial amount paid to the seller to get their hands on the property. In case the seller passes away, then the legal heir has two options: either to return the token money or to hand over the property to the buyer. If an unexpected event like the death of one party takes place, then the rights are passed on to their legal heir. Frauds are a common sight these days, many sellers accept token money from one party and sell the property to another party. The seller of the property cannot resell the property if he/she has acquired the token money from any party. Be aware of your rights when you pay token money On the other hand, if the deal gets cancelled by the side of the buyer, then a penalty will be imposed on him/her.Ģ. And if in any case the agreement gets terminated, then the seller will pay a refund to the buyer. This clause will tell you the terms and conditions under which the agreement can get terminated. ![]()
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