Sale of property?

Sale of property. I would like to sell my flat, Is an agrement of sale necessary for sale of property? when does one enter into an agreement if they are taking a loan for purchase of property or what is the reason? if suppose one is willing to sell a property of value of say 11 lakhs what is the token amount one should take from the purchaser before going for registration, what should be the conditions and time limit for registration, can one issue a cheque instead of cash with a post dated date, which is safer cheque or cash. If one backs out and wants to cancell the agreement what are the implications.
please help me with a wise advise.

Yes always better! Well here in Belgium it's at least 10 % of the price (more is always better ofcourse).Here in Belgium the 2 parties can't get out of the transaction once the 10% is paid at the notary.The rest of the payment has to be paid in about 2-3 months (depends the agrement with the purchaiser).
When the purchaiser tries to back out then the judge(court) make the disition, but normally the buyer who fails to pay has to pay a very high penalty to the seller.Important put a complition date on every paper means on the advance paper AND at the notory(other countries is that the sollicitor).

Hello,
thank you.
Wishing a lot of success with the sale and a very happy newyear. Report It