The sale should be understood as a transfer of ownership of a property at a price or fee. It indicates the complete and complete transfer of all rights in the property and the seller does not retain any rights to the transferred property. The concept of sale is carried out by means of instruments called sales contract and deed of sale. In addition, there are other types of transfer of ownership by deed of gift, wills, etc., but such transactions do not involve consideration, which is the main element of the sale agreement and the deed of sale. In the event of the Seller`s failure to sell or take possession of the property to the Buyer, the Buyer shall be entitled to certain performance under the provisions of the Specific Reparations Act 1963. A similar right is available for the seller under the contract to require a specific service from the buyer. 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. Even if the signing of the purchase contract does not mean that the sale is complete, it is a crucial step in this direction.

For this reason, buyers should be fully aware of the conditions set out in the contract. According to the Law on transfer of ownership, a purchase contract, with or without possession, is not a transfer. Section 54 of the Transfer of Ownership Act states that the sale of property may be effected only by means of a registered instrument and that a purchase contract does not cause interest or costs on its object. (2) He must go to the registry office to terminate the contract. Thus, the sale is defined as a transfer of ownership by an act in exchange for a consideration of price, and the same is paid or promised to pay. Stamp duty on individual contracts of sale or deeds of sale is payable in accordance with the applicable state laws. In states like Maharashtra, the focus is on the sales agreement and stamp duty is levied on it, which keeps it on an equal footing to transfer ownership to the buyer. The minimum price at which stamp duty is payable in the event of a transfer of real estate is called the Government Circle rate.

If the price paid by a buyer is lower than the county rate, stamp duty will be paid on the county/government rate. In general, state governments charge stamp duty and registration fees on the declared value or county/government rate, whichever is higher. After stamp duty, 1% of the value of the property is charged as a registration fee, which must be paid to register the instrument. This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act. Article 53A provides that the seller is not entitled to have acquired the property granted to the buyer of the transferred property, while fully fulfilling its part of the contractual obligation to disturb the property so granted to the buyer. It should be noted that Article 53A provides the prospective acquirer with protection against the assignor and prevents the transferor from interfering with the purchaser`s property, but it does not repair the buyer`s ownership of the property. Ownership of the property remains the property of the seller. The additional conclusion of the Delhi Supreme Court in after Asha M. Jain v. Canara Bank – 94 (2001) DLT 841 that the “concept of sale of power of attorney has been recognized as a type of transaction” when dealing with transactions via SA/GPA/WILL is unjustified and unjustified and inadvertently misleads the public that SA/GPA/WILL transactions are a recognized type of transfer method or accepted and that they constitute a valid substitute for a certificate of sale. Such decisions, to the extent that they recognize or accept SA/GPA/WILL transactions as transfers made, as opposed to a transfer agreement, are not good law. 3.

Repay the amount of the advance received from you if there is no pension clause in the said agreement. 1. Has a cancellation clause been included in said agreement stating that the contract will be automatically terminated (and the prepayment fee will be lost) if the other party does not pay the balance within the agreed period of 4 months? 1. Since the potential buyer has not kept his promise to pay the balance within the agreed period of 4 months, you can terminate the contract by sending a lawyer`s notice. So, after sending the notice of termination to the invalid contract holder, you can log out of the contract and look for a new buyer for your property. A buyer should always be aware of the words quoted in the contract of sale as well as in the deed of sale, as this tends to protect his interests. .