Summary: This article analyzes how a sales agreement and a deed of sale can include the same aspects, but one is applicable in the event of a dispute and the other has its limitations. The Supreme Court has also reaffirmed the importance of the sales contract between the contracting authority and the buyer, since it recently decided that the period of allocation of a housing unit to a buyer of a house must be taken into account from the date of the project-buyer contract 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 by the contracting authority under the contract of sale, the sanctity of which was confirmed by that order. A lease is subject to the provisions of Chapter IX of the Indian Contract Act. It usually covers common daily financing agreements, such as the purchase of consumer durables such as motor vehicles, computers, household appliances such as televisions. . 1. Without the deed of sale having been executed in your favour, the title has not passed to you. Conveyance Deed is a document that is executed to transfer ownership of land and buildings to the benefit of the company or association of persons (AOP). You should ask your seller to execute the deed of sale in your favor. If he can be recognized but he does not agree to execute the deed of sale, an appeal for a given service may be brought against him before the civil court.
You must locate the seller and have a sales document executed and registered on your behalf by paying a corresponding stamp duty minus the stamp duty already paid for the sales contract. Section 13 of the Act prohibits a developer from accepting by a buyer an amount greater than 10% of the cost of the property without performing an ATS and without registering such an ATS. Article 13 does not, however, specify under which law – i.e. the Registration Act, the TPA or the Law itself – is subject to such registration. It appears that Article 13, in the absence of an express provision, amends Articles 54 TPA and 17 of the Registration Act, which do not provide for the compulsory registration of ATS. The above definition makes it clear that a contract of sale contains a promise of future transfer of a property in question if certain conditions are met. This agreement itself therefore does not create any right or interest in the property for the proposed buyer. In the event of the seller`s failure to sell or hand over the property to the buyer, the buyer obtains a right to certain services in accordance with the provisions of the Specific Relief Act 1963. A similar right is available to the seller under the contract to obtain a specific service from the buyer. A sale immediately indicates the transfer of ownership.
It is obtained by a deed of sale, while a contract of sale indicates a future transfer. The risks associated with the sale are immediately transferred, while in the event of a purchase agreement, they remain in the hands of the seller. A sale is an executed contract, while the contract of sale is a contract of testamentary performance. The agreement on the format of the deed of sale can be consulted by clicking on this link. We assume that you have purchased the apartment in accordance with the provisions of the Maharashtra Ownership of Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1970 (MOFA), that you have paid until today 20% or more of the performance and that you have entered into a MOFA contract – a contract of sale with the developer for the said apartment. In addition, we assume that the mentioned sales contract is properly stamped in accordance with the corresponding section of Schedule I of the Maharashtra Stamp Act, 1958, and that the contract of sale is registered with the competent office of the Sub-Registrar for Insurance. . . .