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. Imagine that this document is a roadmap for the period between the signing of the agreement and the conclusion of the sale. In the future, a sale agreement is to be promised that the property will be transferred to the rightful owner, while the value of the sale is the actual transfer of the buyer`s property. In real estate, a sales contract is a contract between a buyer who wants to buy a house or other land and a seller who owns and wishes to sell this property. A real estate purchase contract is usually offered by a buyer and is subject to the seller`s acceptance of the terms. A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred.
“Any sales contract that is not a registered promotion (nature of sale) would fall short of the provisions of section 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).” Conclusion: The conclusion is the final step in a real estate transaction between the buyer and the seller. All contracts are concluded, money is exchanged, documents are signed and exchanged and title is transferred to the buyer. 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. 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 of India in 2012, in the case of Suraj Lamp Industries (P) Ltd (2) /State of Haryana, while the examination of the validity of the sale of real estate by proxy did, as in: What creates the sales contract is a right for the buyer to purchase the property in question on compliance with certain conditions.