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. 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 responsibility to repay the loan lies directly with the buyer. The Transfer of Ownership Act of 1882, which extends to the whole of India, finds in Section 53A that if a buyer has paid the part of the consideration and taken possession of the property in accordance with the terms of the contract and such a transfer is not registered, the purchaser is excluded from asserting his rights to that property against the purchaser. Although this applies, even if the document is not registered, it comes with its provisions such as 4) if you get the sake agreement drafted by the lawyer You certainly there is no economy /Deeming provision under the law that considers the fate of the above unregant ATS executed before May 1, 2017. In order to determine the fate of these ATs, the law could have been considered to have been registered under the Act before May 1, 2017 (subject to payment of a royalty to the relevant sub-registry), provided that even the ATS that were executed before May 1, 2017 are registered within a specified time frame, as required by the registration of current projects pursuant to Section 3 of the Act. This means that any agreement on the sale or sale of unregistered laws is not valid and cannot be considered valid evidence in court regarding such property. Nor does it give power over the property or a right. Therefore, it is of the utmost importance to enter into an agreement to sell or sell the facts in order to complete the sale or transfer of real estate.
Section 13, paragraph 1 of the RERA Act 2016 states that „the project proponent may not accept more than 10% of the cost of the dwelling, land or building, as it may amount in this case in the form of an advance or a person`s application fee without first entering into a written sales agreement with that person and registering the agreement for sale under current legislation.“ If these conditions are met, the buyer acquires the full right to the property, even without reservation of contract or ownership, and the seller cannot assert any rights other than those expressly mentioned in the contract. Registering a sales contract is a smart step because it is also supported by various laws, such as the Indian Contract Act, the Specific Relief Act and various housing laws, which are enforced by many states. The Uttar Pradesh Apartment Act 2010 also stipulates that all sales contracts are necessarily registered in UP. The verdict read: „If all sales contracts are forcibly registered, this will lead to a long way to discourage the production and circulation of dirty money in real estate and to undervalue documents for stamp duty purposes. It will also discourage the growth of the country mafias and muscular men who dominate the real estate scene in different parts of the country. Ownership of all land should be clear and marketable, and it is said that it is done as such only when the deed of sale is carried out. However, in practice, buyers make a sales contract as a precautionary measure, although they are aware that it does not create title to a property. A deed of sale is considered an authentic instrument and also establishes a clear title to the property, since it is a document subject to the obligation, pursuant to Section 17, paragraph 1, of the Registration Act 1908.