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Similar to other agreements, the Bayana agreement is a document that acts as a blueprint for the sale of the property in the future. The document mentions the amount of money paid by the buyer to the seller. Once signed and the amount is paid, it prohibits the seller from looking for other buyers.

Arizona First-Time Homebuyer Programs Borrowers must meet income and credit score requirements (minimum score of 640) and complete a homebuyer education course to qualify. The home must also fall within specified purchase price limits and be the borrower's primary residence.

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.

The Agreement to Sell includes all the terms and conditions agreed upon by both parties. Generally, in India, sale agreements are made before registering the sale deed so that all conditions can be negotiated and finalized between the parties before making it legally binding.

Both parties have to agree on the price before the purchase agreement is signed. Furthermore, terms such as earnest money, escrow company, down payment, financing, warranties and contingencies, and the closing date will be outlined in the contract.

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.