This absolute rule is subject to the exception provided for in Section 53A of the Transfer of Ownership Act. Section 53A provides that the seller has no right to disturb the ownership thus granted to the buyer, which is the subject of the transfer, while fully aerating to its part of the obligation of the contract. It should be noted that Article 53A offers the proposed buyer protection against the contemptuous and pours out the contemptuous of the buyer`s troublesome property, but it does not heal the buyer`s ownership of the property. Ownership of the property remains in the hands of the seller. The sale of a property allows an immediate transfer of ownership. A certificate of sale facilitates transmission. The act refers to a contract concluded. The Supreme Court has also reaffirmed the importance of the sales contract between the contracting authority and the buyer, since it recently decided that the period of allocation of a housing unit to a buyer of a house must be taken into account from the date of the project-buyer contract and not from the date of registration of the project under the Real Estate (Regulation and Development) Act. 2016. The court also ordered the RERA authorities to order the payment of compensation by the contracting authority under the contract of sale, the sanctity of which was confirmed by that order. 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. The above definition makes it clear that a contract of sale contains a promise of future transfer of a property in question if certain conditions are met.
This agreement itself therefore does not create any right or interest in the property for the proposed buyer. 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. The sale of real estate is linked to complex procedures. For a trouble-free transaction, all parties must understand the entire sale process, including legal knowledge of the differences between a purchase agreement and a sale instrument. CERTIFICATE OF SALE – A legal instrument that is executed between the seller and the buyer and that attests to the sale and transfer of ownership of real estate is an instrument of sale. It is mandatory to register a deed of sale in accordance with section 17 of the Registration Act 1908. A sale agreement is an essential document in the process of selling and buying real estate.
It is an essential document because it describes how the seller acquired the property, such as the date of the transaction, the amount of the consideration, etc. It acts as a critical document, especially for the buyer, since it notes the proof of ownership of the property. There is an appropriate procedure for the registration of the deed of sale, under which the land / real estate is prepared by appropriate documents, which pay the corresponding stamp fee and have them registered in the presence of witnesses. This is how a sale is understood as a transfer of ownership by an act against a price consideration and the same is paid or promised to pay. Stamp duty on the various contracts for the sale or sale of the deed must be paid in accordance with the laws of the State in force. . . .