Under the Transfer of Ownership Act, a contract of sale, with or without ownership, is not a transfer. Section 54 of the Transfer of Ownership Act provides that the sale of immovable property may be made only by a registered instrument and that a contract of sale does not generate interest or charges for its property. Even if the signing of the sales contract does not mean that the sale is over, it is a decisive step in this direction. For this reason, buyers need to know precisely the conditions set out in the agreement. A sales document is a document that proves that the seller has transferred absolute ownership of the property to the buyer. Through this document, the rights and shares of ownership are acquired by the new owner. An instrument of sale generally consists of the following information: “Any contract of sale (agreement of sale) that is not a registered deed of transfer (deed of sale) would not meet the requirements of sections 54 and 55 of the Transfer of Ownership Act and would not confer title or transfer securities or transfer shares in immovable property (with the exception of the limited right granted under section 53A of the Transfer of Ownership Act). “Immovable property may only be transferred by means of a deed of transfer (deed of sale) duly stamped and registered in accordance with the law. We therefore reiterate that fixed assets can only be transferred and transferred legally and legally by means of a registered deed of transfer. 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. 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 authorities de rera to order the payment of compensation by the contracting authority under the contract of sale, the sanctity of which was confirmed by this order.
“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.” On October 31, 2020, a 40-year-old man was arrested by Noida police for defrauding a bank of two Crores Rs., falsifying sales documents and borrowing. On the same day, Madurai Principal Sessions Judge G Ilangovan granted early bail for registration of documents without prior verification to two sub-registrars arrested by the Dindigul District Crime Branch. . . .