“A contract for the sale of immovable property is a contract under which the sale of such immovable property takes place on the terms agreed between the parties” – Article 54 of Article 54 also provides that “it does not in itself create any interest in such property or costs for such property”. A buyer-seller contract is also known as a listing contract because it is an agreement between a real estate seller and a broker. This provides information about the property being sold. On the other hand, a deed of sale registration is a process in which the buyer and seller complete the process of transferring the deed of sale by being present at the sub-registrar`s office. The deed of sale is an important legal document that proves that the seller has transferred absolute ownership of the property to the buyer. As a result, all rights and interests in the property are now acquired by the new owner. A registered deed of sale is the title document that confirms to the owner the marketable property, without which you cannot sell the property. Remember that both parties must comply with the conditions set out in the sales contract. Any party who violates any of the conditions set out in the Contract may be taken to court if the other party so wishes. All interested parties should also be aware that this document can be cited as legal evidence in court and that all those who have agreed to comply with the conditions are legally obliged to do so. In my opinion, the bank would not have sold the property because the purchase contract was concluded between the seller and your father, so the bank cannot provide a certificate of sale. In cases where you have purchased and taken possession of a property under a purchase agreement, title to the property will remain with the developer unless a deed of sale has been signed and subsequently registered under the Indian Registration Act. This clearly shows that a title deed 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 has no right, title or share in any property. According to the Law on transfer of ownership, a purchase contract, with or without possession, is not a transfer. The sale of immovable property may only be carried out by a person registered in accordance with article 54 of the Law on transfer of ownership. Interest or costs for its purpose do not arise from a purchase contract. 3. Can we now request a “certificate of sale” from the bank and register it? Since we had already paid stamp duty at the time of the agreement, do we have to pay stamp duty again? In 2012, the Supreme Court of India ruled in the case of Suraj Lamp & Industries (P) Ltd (2) v. the State of Haryana, while dealing with the validity of sales of real estate by proxy, as follows: In the event that you do not buy property from a builder and do not buy the property from a former owner of the apartment, If it is an individual or a company, it is important that you sign a deed of transfer (or a deed of sale) after the conclusion of a purchase contract by the purchaser and the builder. This is essential because the act of transfer is your title document.
In this situation, it is also advisable to pay the full stamp duty on the deed of transfer and register it with the Office of the Sub-Registrar of Insurance. It is also imperative, among other things, to keep the share certificates issued to the owner (seller) of the apartment and the original contract signed by the assignor and the builder for the sale of the apartment, as well as a certificate of discharge from the company in which the said apartment is located, for the sale of the apartment to you and to admit you as a member of the company. Will means the legal declaration of a person`s intention in relation to his property that he wishes to make effective after his death. It is a one-page document that comes into effect after the death of the person who makes it. It can be revoked or al. We assume that you have purchased the apartment in accordance with the provisions of the Maharashtra Apartment Ownership (Regulation of the Promotion of Construction, Sale, Management and Transfer) (MOFA) Act 1970 and that you have paid 20% or more of the purchase consideration to date and that you have entered into a MOFA agreement – a sales agreement with the builder in relation to said apartment. In addition, we assume that the said contract of sale is appropriately stamped in accordance with the relevant section of Schedule I of the Maharashtra Stamps Act 1958 and that the purchase contract is registered with the competent office of the Sub-Registrar of Insurance. The agreement for heaven can act as a deed of sale if the full consideration has been paid and the possession has been delivered by the seller A purchase contract is promised to the buyer in the future by the seller. It is a document signed between the two parties that the symbolic amount has been received and that the seller transfers the property on behalf of the buyer. All details of the past and future transaction are specified in the purchase agreement.
Let`s break down the concept to understand the differences between a deed of sale and a sales contract. When the property is registered, new buyers must also present the purchase contract and other required documents. This ensures that the agreement is the same as the one that both parties have previously concluded. Please note that only in this situation, i.e. when purchasing an apartment directly from the builder by executing a MOFA contract, is it not necessary, in accordance with the provisions of the MOFA, that you execute a deed of sale after the conclusion of the MOFA contract. . . .