„A contract for the sale of real estate is a contract to sell the property under the terms set by the parties,“ Section 54. Section 54 adds: „It does not in itself create interest or royalty for such a property.“ Documents necessary for the transfer of ownership in the event of a sale Although the signing of the sale agreement does not mean that the sale has been concluded, this is a decisive step in that direction. For this reason, buyers must be fully aware of the terms and conditions set out in the agreement. 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. 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. This agreement can be used by either individuals or businesses, including vehicle dealers.
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. The vehicle sales contract helps avoid litigation over the sale of the vehicle in the future. Important details about the vehicle can be included in this agreement. The sale contract may or may not lead to an effective sale of the property in question. Some stamp tax laws, such as the Maharashtra Stamp Act, consider that an agreement to sell a property on the same basis as a proper transport record, as well as a proper transport record, are subject to the same stamp duty as the one in force for the proper sale of a property.