A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. The Transfer of Ownership Act of 1882, which governs the purchase and transfer of real estate, defines the sale contract or a sales contract as under: This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act. Section 53A provides that when the purchaser has entered possession of the property, the purpose of the transfer is the property. , while fully complying with its share of the contractual obligation, the seller is not allowed to disturb the possession thus granted to the buyer. It should be noted that Section 53A provides the proposed purchaser with a shield against the seller and prevents the seller from disrupting the purchaser`s property, but it does not cured the buyer`s property. The property`s ownership remains in the hands of the seller. In the future, a sale agreement is to be promised that the property will be transferred to the rightful owner, while the value of the sale is the actual transfer of the buyer`s property. “A contract for the sale of real estate is a contract to sell the property under the terms set by the parties,” Section 54. Section 54 adds: “It does not in itself create interest or royalty for such a property.” Signing a purchase agreement becomes important given several factors. First, it is legal proof that the buyer and seller enter into an agreement on the basis of which the future approach will be decided in the event of a dispute. Also, if you apply for a home loan, the bank would not accept your application until you sign a sales contract.
A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. What the sales contract creates is the buyer`s right to acquire the property in question in 1996, 1996. Similarly, the seller obtains the right to obtain the buyer`s consideration in accordance with his part of the terms and conditions. On 31 October 2020, a 40-year-old man was arrested by Noida police for deceiving a bank of 2 Crores by forging debt and using loans.