„Any sales contract that is not a registered promotion (nature of sale) would fall short of the provisions of section 54 and 55 of the Transfer of Ownership Act and would not confer ownership and would not transfer any right to purchase property (except for the limited right granted under Section 53A of the Transfer of Ownership Act).“ The sales contract is not a title document, so it is not possible to grant a loan on the basis of a sales contract, but private financiers can grant it because they know how to recover in the future in the event of default. 3) As soon as the sale is executed, the sales contract has no value. The person who signs on the sale ice, who admits that the buyer and seller have signed the deed of sale, is known to him, called as a witness. Registering a sales contract is a smart step because it is also supported by various laws, such as the Indian Contract Act, the Specific Relief Act and various housing laws, which are enforced by many states. The Uttar Pradesh Apartment Act 2010 also stipulates that all sales contracts are necessarily registered in UP. Note: both parties must have two witnesses for garnish. So don`t forget to bring your original identification documents with you and have proof of payment for the registration and TDS with you. After online confirmation, an appointment ID is generated, which you must follow as proof. 1. The buyer can obtain a loan on the basis of the contract. As this does not lead to the mortgage of your property, the responsibility to repay the loan lies directly with the buyer. The sale contract may or may not lead to an effective sale of the property in question. Some stamp tax laws, such as the Maharashtra Stamp Act, consider that an agreement to sell a property on the same basis as a proper transport record, as well as a proper transport record, are subject to the same stamp duty as the one in force for the proper sale of a property.
Under these provisions, which require the payment of stamp duty on a sales contract, a sale agreement is wrongly considered a good act of sale. When handing over the property to the buyer, the sales name must mention the time. It should be reached with all documents that must be handed over to the buyer by the seller. Remember here that both parties must respect the terms of the sale agreement. Any party that does not comply with any of the terms of the agreement could be brought to justice if the other party so wishes. All parties involved should also ensure that this document can be used as legal evidence before the court of law and that all those who have agreed to comply with the conditions are required to do so.