A deed of sale is defined in section 54 of the Transfer of Ownership Act, 1882 as follows: „Sale“ means a transfer of ownership in exchange for a price paid or promised, or partially paid and partially promised. Certificate of Charge: This certificate guarantees that the respective property has no legal levies or unpaid mortgages. The consideration for the sale: It should be remembered that the transfer agreement will be completed at the price. If an amount is paid in advance, it must also be mentioned in the deed. The dates of payment, the method of payment, etc. must be expressly agreed by the parties. The price and details of transactions should be mentioned in both numbers and figures. The deed of sale also contains the proceeds of the sale transaction. A mortgage is the transfer of a share in a particular property for the purpose of ensuring the payment of advanced or advanced money through loans, existing or future debt, or the execution of an order that may result. In the deed of sale, there are two parties called seller and buyer. The seller, also called the assignor, transfers ownership of the property and the buyer, also called the assignee, receives ownership of the property.
According to the law, any competent person, person or company may be involved in the process of transferring ownership. Summary: This article analyzes how a sales contract and a deed of sale can include the same aspects, but one is enforceable in the event of a dispute and the other has its limitations. The deed of sale is a legal document signed between the seller and the buyer to complete the transaction when buying a property. In a deed of sale, ownership of the property was transferred from the seller to the buyer. The parties may be designated as seller or assignor and buyer or assignee. In general, the parties sign the deed of sale after the execution and execution of the general conditions. Deed of sale, proof of transfer of ownership, describes the details of the ownership and the rights and obligations of the parties. Registration of the deed of sale: A deed of sale is legally binding only if it is registered at the sub-register office. The presence of the transferor and the purchaser and witness is mandatory on the respective day for the registration of the certificate at the registrar`s office.
Property tax receipt: It is mandatory for the owner to pay taxes. The buyer must ensure that the taxes of the former owner must be paid in advance and that no unpaid due date must be due. He helps the parties with their titles and follows the legal path. 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 Property Act provides that the sale of property may be effected only through a registered deed and that a purchase contract does not incur interest or charges on its object. Title deed: Title to the property must be available against any deviation. The snippet: If you want to register a new property, you need this document. It is also necessary if you want to transfer ownership of the property later. The Supreme Court also reaffirmed the importance of the purchase agreement between the builder and the buyer, as it recently ruled that the period of allocation of a residential unit to a home buyer must be taken into account from the date of the builder-buyer agreement and not from the date of registration of the project under the Real Estate (Regulation and Development) Act. 2016. The court also ordered the RERA authorities to order the payment of compensation to the builder in accordance with the contract of sale, the sanctity of which was maintained by that order.
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. A comparison between the purchase contract and the deed of sale: Thus, both documents are significantly involved in the transfer of ownership to the buyer, although at different levels of the sale transaction. However, for these documents to be executed, 2 parties must be present: the buyer and the seller must be present during the transfer of ownership. .
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