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. Under the Transfer of Ownership Act, a contract of sale, with or without ownership, 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. 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. Even if the signing of the sales contract does not mean that the sale is over, it is a decisive step in this direction. For this reason, buyers need to know precisely the conditions set out in the agreement. Selling and buying are two activities that further stimulate the economy by ensuring the flow of money.
It generates development and growth by providing employment opportunities, both direct and indirect, of various kinds. Since the sale or purchase involves the transfer of securities to movable and immovable property, these activities are well regulated by government authorities, which adopt, implement and protect various laws relating to the security of resources involved in economic activities. It is allowed to buy/sell real estate of all kinds, mobile or immobile. The protection afforded to these sales also depends on their category, given, for example, that real estate has a higher value and requires stricter protection measures. Let`s comply with certain legal terms related to sales contracts that apply to mobile and real estate real estate. 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: The sale is considered a transfer of ownership of a property at a price or royalty.
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