The sales contract is one of the most powerful documents of the transaction, as it has legal value and can be presented as evidence. The agreement between the buyer and the seller is the document in which the deed of sale is drawn up. Any document serving as proof of the transfer of ownership through the sale is preceded by a sale agreement. It clearly states the conditions under which the seller intends to sell the property and the buyer intends to buy it. However, the rights of an unpaid seller in the event of a sales agreement were a grey area. 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. Applying the provisions of section 88 of the RERA Act 2016, we can see, by analyzing the provisions of the two Decrees, that Sec 17 (2) (v) of the Registration Act 1908 denies the RERA Act 2016. In accordance with section 89 of the RERA Act 2016, the provisions of the Registration Act 1908 are therefore not taken into account for the purposes of registering the sales agreement. . The indemnification clauses contained in a sales contract must require the seller to compensate for any loss or expense in the future. Before drafting the opt-out clause, all possible scenarios must be taken into consideration. Section 13(1) of the RERA Act 2016 provides that „a developer may not accept a sum exceeding 10% of the costs of the accommodation, land or building, as may be the case, as an advance payment or registration fee from a person without a prior written agreement to sell with that person and registering the agreement in question for sale. according to any law currently in force“.
When we analyze the provision, we can understand that the document contained therein is a sales agreement. It is also stated that the sales agreement as such falls within the category of Article 17(2) of the Law on registration as a non-mandatory document. The essential characteristic that distinguishes a sale from a contract of sale is therefore that in the event of a sale, the immovable property on the goods is immediately transferred from the seller to the buyer, while in the event of an agreement to sell, the immovable property is transferred at a later date. 4 Under contract. Both the seller`s lawyers and the buyer`s banks will work out the details of the sale to ensure that both parties meet all legal and financial requirements, followed by the invoice date. The terms of a sales contract are important because they describe everything that contributes to it being a successful transaction, which is perfectly legally irreproachable. The contract indicates whether the payment is to be made in cash, in part or whether an agreement has been reached on the partial payment in the future. As already mentioned, the sale agreement during the transfer of a property protects from many potential problems. A few technical terms can confuse the most learned parties. So, if you understand the sales contract by seeking expert advice, protect your best interests and fix problems before they happen. The rights of an unpaid seller in a sale have been clearly established in section 46 (1) of the Act.
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