Signing a purchase agreement becomes important given several factors. First, it is legal proof that the buyer and seller enter into an agreement on the basis of which the future approach will be decided in the event of a dispute. Also, if you apply for a home loan, the bank would not accept your application until you sign a sales contract. In the future, a sale agreement is to be promised that the property will be transferred to the rightful owner, while the value of the sale is the actual transfer of the buyer`s property. A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. “Any sales contract that is not a registered promotion (nature of sale) would fall short of the provisions of section 54 and 55 of the Transfer of Ownership Act and would not confer ownership and would not transfer any right to purchase property (except for the limited right granted under Section 53A of the Transfer of Ownership Act).” If the seller does not sell or return the property to the buyer, the buyer is entitled to a special benefit in accordance with the provisions of the Specific Relief Act of 1963. A similar right is available to the seller as part of the agreement to require a certain benefit from the buyer. A purchase agreement is an agreement to sell a property in the future.
This agreement sets out the conditions under which the property in question is transferred. The Property Transfer of Property Act of 1882, which governs matters relating to the purchase and transfer of ownership, defines the sale contract or a sales contract as sub: Under the Indian Registration Act of 1908, any interest transfer agreement on property worth more than one hundred rupees must be registered. Therefore, if you purchased a property for sale as part of an agreement without a good state of sale, you will not receive any right or interest in the property that would be transferred under the sale contract. The above definition shows that a purchase agreement contains a promise to transfer the property in question in the future under certain conditions. This agreement itself therefore does not create any rights or interests on the property for the proposed buyer. The Supreme Court also reaffirmed the importance of the contract of sale between the owner and the purchaser, since it recently decided that the period of awarding a dwelling unit to a home buyer should be taken into account from the date of the owner-buyer agreement and not from the date of registration of the project under the Real Estate Act (regulation and development). , 2016. The court also ordered the rera authorities to order the payment of compensation by the contractor, in accordance with the sales contract whose unsealability was upheld by this decision. In cases where you have acquired and taken possession of a property under a sale agreement, the title to the land will still remain with the developer, unless a sales record has been subsequently executed and registered under the Indian Registration Act. Thus, it is clear that a security in a property can only be transferred by a deed of sale. In the absence of a deed of sale duly stamped and registered, no right, property or interest for a property, the buyer of the property.