You must be aware that once a buyer and seller verbally agree to enter into a contract for the acquisition of immovable property, the formalisation of the transaction begins. The signing of the agreement to sell, also known as the agreement to sale or sale agreement, is one of the many important phases of a real estate transaction. So, if you are wondering what is Bayana Agreement, this is the pact that is known as the Bayana accord throughout the eastern and northern states of India, including Uttar Pradesh, Bihar, Jharkhand, Punjab, Rajasthan, Delhi, Haryana, and Punjab.
Get your property documents and agreements drafted and registered by NoBroker, here. Need help drafting the sale agreement? Contact experts at NoBrokerThe advance payment made by the buyer to enter into a selling agreement with the seller is known as bayana or token money. The Bayana Agreement is another name for this. There are various procedures involved in registering a property when someone plans to purchase one.
What is Bayana Agreement meaning?
The Bayana Agreement is the name given to the sale contract that both the buyer and the seller sign. All terms and circumstances pertaining to property registration are outlined in this agreement. The bayana agreement specifies the entire purchase price, the period needed to register the property, and the token payment, or bayana, made by the buyer.
The Bayana Agreement also stipulates that, in the event that the property registration does not take place on the scheduled date, the responsible party shall pay a penalty. The bayana agreement, which is a binding legal document, serves as a roadmap for the property transaction. The bayana agreement serves as legal proof to settle any disputes between the buyer and seller.
Is Bayana Agreement for property refundable?
Advances paid to the seller after having signed and registered the Bayana agreement must be refunded to the buyer in case the seller is unable to proceed with the sale due to an issue on his part. The initial token amount may or may not be refunded if a deal falls through in the absence of a written document.
Is Bayana Agreement for property a legal document?
The Bayana agreement is a legal document that can be acknowledged as legal proof in a court of law in the event of any dispute between the contracting parties because it is controlled by the Indian Contract Act, of 1872.
I hope I was able to tell you what is Bayana Agreement.
Read More: What is Sale Agreement? Is it possible to cancel a sale agreement?Your Feedback Matters! How was this Answer?
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What is Bayana Agreement?
Trimala
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2023-01-06T15:48:33+00:00 2023-01-06T15:48:34+00:00Comment
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