A contract of sale is a contract for the sale of real estate in the future. This agreement defines the conditions under which the property is transferred. A sales document is a document that proves that the seller has transferred absolute ownership of the property to the buyer. Through this document, the rights and shares of ownership are acquired by the new owner. A deed of sale usually consists of the following information: Under the Law on the Transfer of Ownership, a contract of sale, with or without possession, is not a transfer. Section 54 of the Transfer of Ownership Act provides that the sale of immovable property may be made only by a registered instrument and that a contract of sale does not generate interest or charges for its property. Therefore, the non-registration of a document legally bound to register has serious and serious consequences, since the party requesting its execution may not be able to rely on the document to prove its content. The procedure may therefore deter the party from applying the contract in a specific way. In cases where you have purchased and taken possession of real estate under a contract of sale, title to the property remains in the hands of the developer, unless a certificate of sale has been executed a posteriori and registered under the Indian Registration Act. Thus, it is clear that a title to immovable property can only be transferred by a deed of sale. In the absence of a duly stamped and registered deed of sale, the buyer of the property does not have the right, title or interest in a property.
What the sales contract creates is a right for the buyer to buy the property in question under certain conditions. Likewise, the seller obtains the right to obtain the consideration of the buyer if his part of the general conditions of sale is respected. In the event of the seller`s failure to sell or hand over the property to the buyer, the buyer obtains a right to certain services in accordance with the provisions of the Specific Relief Act 1963. A similar right is available to the seller under the contract to obtain a specific service from the buyer. The Real Estate (Regulation & Development) Act, 2016 (Act) was notified in its entirety on 1 May 2017. Section 3 of the Act provides for the registration of a real estate project by the developer if the developer intends to promote, market, reserve or sell real estate in the project in question. Registration is also required for ongoing projects for which the developer has not received graduation certificates. Therefore, the law applies not only to future projects, but also to ongoing projects for which construction began before May 1, 2017. For some ongoing projects, an ATS covering the rights, obligations and obligations of the parties would have been clearly executed and the buyers would have made partial payments for the entire counterparty. The amount of the payment depends on the payment plan chosen by the Allotte, i.e. the construction link or the fixed period.
In this context, Article 13 of the Act now provides for the mandatory registration of the ATS. The registrant usually needs 3 to 4 hours to register the property. A sales agreement is an instrument in which the seller promises to transfer the property to a buyer if certain conditions are fulfilled, but does not justify the buyer`s ownership of the property. . . .