Maharashtra RERA Agreement for Sale: Everything You Need to Know

The Maharashtra Real Estate Regulatory Authority (RERA) was established in 2016 with the purpose of regulating and promoting transparency in the real estate sector. One of the key responsibilities of RERA is to ensure that home buyers are protected from unscrupulous developers and builders. In order to achieve this objective, RERA has introduced the Agreement for Sale which lays out the terms and conditions of the sale of a property.

What is the Agreement for Sale?

The Agreement for Sale is a legal document that outlines all the details of the property sale, including the sale price, payment schedule, construction timeline, and other terms and conditions of the sale. It is a legally binding document that protects the interests of both the buyer and the seller. The Agreement for Sale is registered with the RERA and is a mandatory requirement for the sale of all properties in Maharashtra.

Key Features of the Agreement for Sale

1. All details related to the property sale are clearly specified in the Agreement for Sale, including the sale price, payment schedule, construction timeline, and other relevant terms and conditions.

2. The Agreement for Sale must be registered with the RERA, which ensures that the transaction is transparent and both parties are protected.

3. The Agreement for Sale acts as evidence of the transaction and can be used in case of a legal dispute between the buyer and the seller.

4. The Agreement for Sale also details the penalties that either party may face in case of a breach of contract.

5. The Agreement for Sale includes provisions for the payment of GST, stamp duty, and registration fees.

Why is the Agreement for Sale important?

The Agreement for Sale is an important document as it protects the interests of both the buyer and the seller. It ensures that the transaction is transparent and both parties are aware of the terms and conditions of the sale. The Agreement for Sale also acts as evidence of the transaction and can be used in case of a legal dispute between the buyer and the seller.

Conclusion

The Maharashtra RERA Agreement for Sale is a crucial step towards promoting transparency and protecting the interests of home buyers. The Agreement for Sale ensures that all details related to the property sale are clearly specified and registered with the RERA. It is important for both buyers and sellers to understand the key features of the Agreement for Sale and ensure that it is duly executed and registered with the RERA. This will help to create a transparent and fair real estate market in Maharashtra.