Imp of foll words in agreement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2012
WHAT IS THE iMPORTANCE OF THE FOLLOWING THE WORDS IN THE AGREEMENT
1.EARNEST MONEY
2.PART PAYMENT
3.ADVANCE PAYMENT
TOWARDS THE PROPERTY
1.EARNEST MONEY
2.PART PAYMENT
3.ADVANCE PAYMENT
TOWARDS THE PROPERTY
Amol S Joglekar
(Expert)
03 May 2012
A property is for sale. Bids are invited publicly say upto 21/05/2012. Earnest money is the money deposited by the intending buyer with the vendor. On 21/5/2012, the bids are opened and the tender is allotted to your client. The transaction to be executed on say 09/07/2012. EMD will stand converted to advance payment till execution of document. Part payment is the partial payment; if any, made after the execution of document.
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