This agreement does not itself transfer or create a share in the property. Any ownership shares must be stated in the operative conveyance or other legally effective instrument.
4. SHORTFALL, REFUNDS AND DECISIONS
Section 54 of the Transfer of Property Act, 1882 confirms that a contract for sale does not itself create an interest in property; this agreement is only an internal allocation between prospective co-buyers.
PERSONAL DATA NOTICE
This notice is given under the Digital Personal Data Protection Act, 2023. Personal data in this document is collected only to record the prospective co-buyers’ internal purchase contributions, shared costs, refund treatment and decision rules, communicate about that purpose, verify information expressly supplied, and retain an evidentiary record.
If the proposed transaction does not proceed, or this document is withdrawn before it takes effect, the personal data will be retained for 90 days from that decision and then erased. If the transaction proceeds, the record will be retained for the term of the transaction plus 12 months and then erased, except for a record that a statute requires to be kept for a longer named period.
Data minimisation: this document deliberately does not require a full Aadhaar number, Aadhaar-card copy, passwords or unrelated identity material. PAN, banking and financing information is included only in a document whose transaction purpose genuinely requires it.