A contract of sale is a promise in the future that the property will be transferred to the rightful owner, while the deed of sale is the actual transfer of ownership to the buyer. The deed of sale is the most important legal document by which a seller transfers his right of ownership to the buyer who then acquires absolute ownership of the property. In accordance with the Indian Registration Act of 1908, any agreement relating to the transfer of shares in immovable property with a value of more than one hundred rupees must be registered. Therefore, if you have purchased real estate as part of a purchase agreement without a correct deed of sale following, you will not get any right or interest in the property that would be transferred as part of the purchase agreement. 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. 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 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. A certificate of sale usually consists of the following information – Remember here that both parties must comply with the conditions set out in the sales contract. Any party that fails to comply with any of the conditions set out in the agreement may be brought before the courts if the other party so wishes. All parties concerned should also ensure that this document can be invoked as legal evidence before the courts of the law and that all those who have agreed to comply with the conditions are legally bound by it.
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. . . .