To register the purchase contract, you must go to the SRO and pay the necessary stamp duty to complete the registration procedure of the purchase contract. it`s just a deal for sale. it is limited to the conditions set out in the agreement. If you wish to cancel it, you can do so as this does not give rise to a legal claim. If the buyer is unable to conclude the sale within the prescribed period, you can withdraw from this contract. No damage is granted unless a special rule is mentioned in this regard, the purchase contract is not a title document, so the loan cannot be granted on the basis of a purchase contract, but private financiers can grant it because they know how to recover them in case of late payment in the future. The verdict said: “If all purchase contracts are registered as mandatory, this will go a long way towards preventing the generation and circulation of black money in real estate matters, as well as the undervaluation of documents for stamp duty purposes. It will also prevent the growth of the land mafias and muscular men who dominate the real estate scene in different parts of the country. “Registering a purchase agreement is a smart move, as it is also supported by various laws such as the Indian Contracts Act, the Specific Relief Act, and various housing laws enforced by many states. The Uttar Pradesh Apartments Act 2010 also requires that all sales contracts be registered in UP. Legal experts argue that if Section 17 of India`s Registration Act (which makes it mandatory to register documents such as purchase contracts) had been in real estate in practice, thousands of property buyers would not have been victims of real estate fraud and misconduct. The ownership of a property must be clear and marketable, and it is said that this is the case only during the execution of the deed of sale. In practice, however, buyers execute the purchase contract as a precaution, although they are aware that it does not establish ownership of a property.
A deed of sale is considered an authentic deed and also establishes clear ownership of the property as it is a document that is compulsorily registrable under section 17(1) of the Registration Act 1908. However, § 13 of the RERA Act 20161 requires that a purchase contract be registered. However, this is not the case with the Registration Act 1908. Therefore, the validity of the sales contract always becomes an unresolved conflict. 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. 1. The buyer can obtain a loan on the basis of the contract. As this does not lead to the mortgage of your property, the obligation to repay the loan rests directly with the buyer. 2) You can conclude a Regd contract for the sale, within which the period within which the final payment must be made and the deed of sale must be executed.
On the other hand, a deed of registration of sale is a process in which the buyer and seller complete the process of transferring the deed of sale by being present in the sub-registry office. The deed of sale is an important legal document that proves that the seller has transferred absolute ownership of the property to the buyer. As a result, all rights and interests in the property are now acquired by the new owner. `A contract for the sale of immovable property is a contract under which the sale of such immovable property is concluded in accordance with the terms agreed between the parties` – Article 54. Article 54 also provides that “it alone does not create any interest in that property or any costs for that property”. A purchase contract is promised in the future by the seller to the buyer. It is a document signed between the two parties that the symbolic amount has been received and that the seller transfers the property on behalf of the buyer. All details of the past and future transaction are specified in the purchase agreement. Several decisions of the Supreme Court and the Supreme Court have ruled that unregistered purchase contracts are not recognized by the courts. An important decision on this issue was rendered by the Supreme Court of Allahabad in 2007 in the case of Vijay Kumar Sharma v. Devesh Behri Saxena.
Sharma, the owner of a disputed 465 m² plot of land in Sector 15A, Noida, Uttar Pradesh, had received rs 7 lakh as a serious amount from Saxena and out of 22. A sales contract was signed with him in January 1993. 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. If the purchase contract is not concluded, does this raise another question as to whether the buyer can exercise recourse in the event of a breach of the purchase contract? It was answered in accordance with Article 18 of the RERA Law, which stipulates that the developer must compensate the buyer if he has not been able to complete the project and transfer ownership of the property within the time limits set in the sales contract or purchase contract. .