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. (c) If the buyer`s real estate credit is refused by the bank on the basis of a legal/legal issuance of heritage or property documents under the Property Transfer Act, a sale contract, with or without property, is not a transfer. Section 54 of the Transfer of Ownership Act provides that the sale of a property can only be done by a registered instrument and that a sale agreement does not create interest or fees for its property. The relevance and importance of social documents cannot be ignored. Assuming that the seller wants to sell an apartment that the seller owns, the seller should have a copy of the certificate of shares issued by the housing company for the benefit of the seller. The share certificate shows the seller`s membership in the company. The seller must also present a company certificate that certifies that the seller does not have unpaid payments to the company. The association`s member transfer form for the transfer of ownership must be completed and signed so that there are no obstacles to the transfer of the property to the subsequent buyer. The seller is bound between the date of the purchase agreement and the delivery of the property, in order to take care of both the property and all related ownership documents which, in his possession as the owner, would take the ordinary precaution of that property and these documents.
Once the sale is complete, it is the seller`s duty to give possession to the buyer. The seller is required to give the buyer or the person as he runs this property. The initial state of transportation or sale of the former owners of the property is required when the seller sells a property. If the seller has filed the initial registration document with the registrar, the seller must provide a copy of the deed of transport or deed of sale, accompanied by a photocopy of the sub-register receipt, if the documents have been filed for registration. The purchaser is required to disclose facts that significantly increase the value of the property, section 55, paragraph 5, point a), of the Act provides that “the buyer is required to disclose to the seller any facts of the nature or extent of the seller`s interest in the property of which the buyer is aware, but of which he has reason to believe that the seller knows nothing and greatly increases the value of such an interest.” The above definition shows that a sale agreement contains a commitment to transfer a property in question in the future after meeting certain conditions. This agreement itself therefore does not create any rights or interests on the property for the proposed buyer. Laws relating to the registration of real estate transactions in India. Section 55, paragraph 5, point c) – The purchaser is required to bear the losses resulting from the destruction, damage or depreciation of the property that is not caused by the seller when the property is passed to the buyer.
Regarding the disclosure of a material defect: the seller is required to inform the buyer of a defect of ownership or property. Nearly 40% Real estate in Bangalore is controversial. The compensation clause contained in the sale contract frees the buyer from possible legal disputes/vices of the property. Please also mention that in the event of a dispute, the seller will compensate the buyer in the future for any losses incurred by the buyer at the prevailing market price.