Signing a sales contract becomes important given several factors. 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. What the sales contract creates is a right for the buyer to buy the property in question under certain conditions. Likewise, the seller obtains the right to obtain the consideration of the buyer if his part of the general conditions of sale is respected. The above definition makes it clear that a contract of sale contains a promise of future transfer of a property in question if certain conditions are met. This agreement itself therefore does not create any right or interest in the property for the proposed 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. 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 deed of sale usually consists of the following information: Under the Law on the Transfer of Ownership, a contract of sale, with or without possession, 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. On October 31, 2020, a 40-year-old man was arrested by Noida police, accused of having a bank of Rs 2 Crores. cheating, falsifying sales titles and using credits. 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. . . .