Agreement Of Sale On Property

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. Due to the sudden rise in the price of real estate/land, especially in metropolitan areas, many properties are in dispute. These legal cases last for decades. Some of the most common causes of litigation On October 31, 2020, a 40-year-old man was arrested by Noida police for deceiving a bank of Rs 2 Crores by falsifying sales securities and using credits. On the same day, Madurai Principal Sessions Judge G Ilangovan granted early bail for document registration without prior verification to two sub-registrars arrested by the Dindigul District Crime Branch. According to the police, they registered the deed of sale without checking the certificate of hardship, as well as the original documents, parental documents, death certificate, etc. First, it is legal proof of the conclusion of an agreement between the buyer and the seller on the basis of which, in the event of a dispute, the future action will be decided. Even if you apply for a home loan, the bank would not accept your application until you sign a sales contract. 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. For each real estate transaction, the borrower bears the maximum risk.

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