Flat Sale Agreement

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A contract of sale is a contract for the sale of real estate in the future. This agreement defines the conditions under which the property is transferred. The Transfer of Property Act, 1882, which governs matters relating to the sale and transfer of real estate, defines the contract of sale or a contract of sale as follows: In cases where you have purchased and taken possession of real estate under a contract of sale, title to the property always remains in the hands of the developer. unless a certificate of sale has been exported and subsequently registered in accordance with the Indian Registration Act. Thus, it is clear that a title to immovable property 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 does not have the right, title or interest in a property. “A contract for the sale of immovable property is a contract that provides for the sale of that property under the terms agreed between the parties” – section 54, section 54, states: “It does not in itself create interest or calculate the property properly.” At the time of signing the sales contract, the buyer pays X amount in the form of token money. The standard clause is agreed that if the buyer leaves the company, the total amount of the tokens is cancelled by the seller. I would suggest adding another line in this clause that if the seller does not withdraw from the transaction, the seller returns the amount of tokens paid by the buyer with the corresponding amount as a penalty. If this clause is not fixed, the seller will continue to look for a new buyer who can pay more. He will cancel the agreement if he gets a new buyer at a higher price before the execution of the deed of sale. The contract of sale may, or may not, lead to an actual sale of the property in question.

In 2012, in the case of Suraj Lamp & Industries (P) Ltd (2) v. the State of Haryana, while dealing with the validity of proxy sales of real estate, the Indian Supreme Court ruled as follows: the deed of sale is the most important legal document by which a seller transfers his right of ownership to the buyer who then acquires absolute ownership of the property. The real estate sales contract is the most important document. It is different from sale deed, although in some cases the sales agreement is registered as “Sale Deed”. The sales contract contains conditions of sale agreed between the seller and the buyer for the sale of real estate. It is legally binding on both parties. It also indicates the date on which the transaction will be concluded. For laymen, the sales contract is a roadmap on how the real estate transaction is concluded. On the other hand, the deed of sale is executed at the time of the actual transfer of ownership, i.e.

the transfer of ownership from the seller to the buyer. Signing a sales contract becomes important given several factors….

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