TA Act 5
Section 5 · Agreement to precede advance payment
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- A promoter who intends to transfer any apartment shall before, accepting any sum of money as advance payment or deposit, which shall not exceed twenty percent of the price, enter into a written agreement of sale with the intending transferee and the same shall be registered as a document compulsarly register able under clause (b) of sub-section (1) of section 17 of the Registration Act, 1908 (Central Act 16 of 1908).
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