A typical real estate sale transaction includes different steps such as: (d) If the seller does not provide all the original documents at the time of execution of the deed of sale. You can check my contribution on the list of documents necessary for the purchase of real estate The Supreme Court has reiterated the importance of the contract of sale between the contracting authority and the buyer, since it recently decided that the period of allocation of a housing unit to a buyer of a house must be taken into account from the date of the contract owner-buyer and not from the date of registration of the project under the law real estate (settlement and development). 2016. The court also ordered the RERA authorities to order the payment of compensation by the contracting authority under the contract of sale, the sanctity of which was confirmed by that order. 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. ● Once the jurisdiction of the parties is established, the agreement separately establishes the different rights and commitments of the buyer and seller. It could also provide for time limits for the performance of certain obligations, such as repair, maintenance, etc. It is extremely important to carefully review these clauses with the assistance of legal counsel. These include various amenities available to the buyer and the property itself. In accordance with the Indian Registration Act of 1908, any agreement relating to the transfer of shares in immovable property with a value of more than one hundred rupees must be registered. Therefore, if you have purchased real estate as part of a purchase agreement without a correct deed of sale following, you will not get any right or interest in the property that would be transferred as part of the purchase agreement. It is advisable that the agreement defines the carpet area.
All taxes, electricity bills, telephone, maintenance costs, etc., should be paid in full by the seller. The buyer should ensure that the agreement does not explicitly specify the conditionality of unpaid fees. „A contract for the sale of immovable property is a contract that is carried out on the terms agreed between the parties“ – Section 54. Section 54 further states: „He does not in itself create interest or calculate such property properly.“ The clause should make it clear that the scope of the agreement also includes the transfer of all deposits paid by the seller for the electrical connection, the connection to water, to the community of owners, affiliation to the clubhouse, membership to the gym, contribution to the decrease of the association`s fund, etc. In the absence of this clause, the seller may demand additional money at the time of the deed of sale in return for all deposits he has paid. In cases where you have purchased and taken possession of real estate under a sales contract, title to the property remains in the hands of the developer, unless a certificate of sale has been executed a posteriori and registered under the Indian Registration Act. .