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. A deed of sale is a recognized deed of ownership registered by the country`s civil courts. While a sale agreement is a reciprocal agreement between the buyer and the seller, it may vary from one contract to another. A lease agreement is governed by the provisions of Chapter IX of the Indian Contracts Act. It generally covers joint daily financing agreements, such as the purchase of consumer goods such as motor vehicles, computers, household appliances such as televisions, etc. The Supreme Court also reaffirmed the importance of the contract of sale between the owner and the purchaser, since it recently decided that the period of awarding a dwelling unit to a home buyer should be taken into account from the date of the construction-buyer agreement and not from the date of registration of the project under the Real Estate (Regulation and Development) Act 2016. The court also ordered the rera authorities to order the payment of compensation by the contractor, in accordance with the sales contract whose unsealability was upheld by this decision. 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 sale agreement is, by its very nature, an agreement that lists the terms and conditions of a future sales contract, as well as the consideration and payment terms proposed. This is a document of great importance for the sale of real estate. This is the document on which the deed of sale is based. It allows for a smooth sales process by detailing the steps. This helps to improve understanding between the parties and their individual roles in the sale. Both documents are therefore essential for the transfer of the buyer`s property, although at different stages of the sales activity. However, for the execution of these documents, 2 parts: the buyer and the seller must be present at the transfer of ownership. The seller must be responsible for entering into a sale or sale agreement, as he has an undisputed title on the land that wishes to be sold. There must also be a reflection on the money to place the property for the benefit of the buyer.
The transfer of ownership in question is ongoing on the transfer of rights and liabilities related to the property of the subject and such a transfer associated with money leads to a sale that is led by the agreement to sell and ultimately concluded by deed Sale. If the seller does not sell or return the property to the buyer, the buyer is entitled to a special benefit in accordance with the provisions of the Specific Relief Act of 1963. A similar right is available to the seller as part of the agreement to require a certain benefit from the buyer. A sales contract therefore demonstrates the willingness of the parties to sell/buy a property in question and culminates with the creation of the actual state of the sale. It cannot be called Sale Deed because it does not create any property rights for the buyer.