Agreement On Land Sale
Sometimes a buyer pays for the property in cash. However, in most cases, the buyer needs additional financing to obtain the full purchase price. Here are the three common financing methods used in real estate purchase contracts: a contract of sale is a contract to sell a property in the future. This agreement defines the conditions under which the property is transferred. The Transfer of Property Act 1882, which governs matters relating to the sale and transfer of immovable property, defines the contract of sale or a contract of sale such as: «Immovable property may only be transferred/transferred by a duly stamped and registered deed of transfer (deed of sale), as provided for by law. We therefore reiterate that fixed assets can only be transferred and transferred legally and legally by means of a registered deed of transfer. Consider this document as a roadmap for the period between the signing of the contract and the conclusion of the sale. 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. 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….