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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.

The difference between an agreement to sell and bayana lies in their nature and purpose. Agreement to sell refers to the contractual arrangements for transferring ownership in the future. Bayana refers to the advance payment made by the buyer as a amount to purchase the property.

If the buyer is in a position to purchase the property at hand within a week or two, the confirmed also acts as the bayana. The confirmed is usually an amount higher than conditional and less than the bayana. So, once the amount is paid, bayana is the next step.

The bayana agreement must be countersigned by the parties, and there should be one witness from both sides of the parties before whom the entire procedure takes place. Before paying the money, make sure that the property is registered in the name of the seller to whom the bayana is paid.

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.

The bayana agreement must be countersigned by the parties, and there should be one witness from both sides of the parties before whom the entire procedure takes place. Before paying the money, make sure that the property is registered in the name of the seller to whom the bayana is paid.