Section 5 in Andhra Pradesh Apartments (Promotion of Construction and Ownership) Act, 1987
5. Agreement to precede advance payment.
- 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 compulsorily register able under Clause (b) of subsection (1)of Section 17of the Registration Act, 1908.
