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. Although the signing of the sale agreement does not mean that the sale has been completed, 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. 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 deed of sale generally consists of the following information – In accordance with the Indian Registration Act of 1908, any agreement to transfer interest on a property worth more than one hundred rupees must be registered. Therefore, if you purchased a property for sale as part of an agreement without a good state of sale, you will not receive any right or interest in the property that would be transferred under the sale contract. 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. 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. 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. 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.