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 construction-buyer agreement 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 contractor, in accordance with the sales contract whose unsealability was upheld by this decision. A deed of sale is a legal document that proves that the seller transferred absolute ownership of the property to the buyer. Through this document, the rights and interests of the property are acquired by the new owner. A sales statement usually consists of the following information – Even if the signing of the sales contract does not mean that the sale is concluded, it 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. 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. This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act. Section 53A provides that the seller has no right to disturb the purchaser`s possession if the purchaser has entered into possession of the property that is the subject of the transfer, while fully acquiring its portion of the contractual obligation.
It should be noted that Section 53A provides the proposed purchaser with a shield against the seller and prevents the seller from disrupting the purchaser`s property, but it does not cured the buyer`s property. The property`s ownership remains in the hands of the seller. 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. “Locked-in property can only be transferred by a transport permit (deed of sale), duly stamped and registered legally. We therefore assert that goods can only be transferred/transported legally and legally through a registered transport obligation. “Any sales contract that is not a registered promotion (nature of sale) would fall short of the provisions of paragraphs 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). The sale contract may or may not lead to an actual 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. Under these provisions, which require the payment of stamp duty on a sales contract, a sale agreement is wrongly considered a good act of sale.