«Any contract of purchase (contract of sale) that is not a registered deed of transfer (deed of sale) would not meet the requirements of sections 54 and 55 of the Transfer of Ownership Act and does not confer title or division of transfer in a property (with the exception of the limited right granted under section 53A of the Transfer of Ownership Act).» In case of buying a resale apartment with bank loan instead of a deed of transfer, can we go to the sale? Remember that both parties must comply with the conditions set out in the sales contract. Any party who violates any of the conditions set out in the Contract may be taken to court if the other party so wishes. All interested parties should also be aware that this document can be cited as legal evidence in court and that all those who have agreed to comply with the conditions are legally obliged to do so. I desperately need Rs 35 lakh and so I want a family transfer sale contract and registration after 12 months if I don`t repay money to cancel the purchase contract. Is it feasible and what will be the cost 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. What are the lawyers` fees for providing a complete process and documentation, including the deed of sale? According to the Indian Registration Act of 1908, any agreement to transfer shares in a property worth more than one hundred rupees must be registered. Thus, if you have purchased a property under a contract of sale without an appropriate deed of sale, you will not receive any right or interest in the property that is supposed to be transferred under the purchase contract. In the event that you do not buy a property from a builder and do not buy the property from a former owner of the apartment who is either an individual or a company, it is important that you sign a deed of transfer (or deed of sale) after entering into a contract of sale by the buyer and the builder. This is essential because the act of transfer is your title document. In this situation, it is also advisable to pay the full stamp duty on the deed of transfer and register it with the Office of the Sub-Registrar of Insurance.
It is also imperative, among other things, to keep the share certificates issued to the owner (seller) of the apartment and the original contract signed by the assignor and the builder for the sale of the apartment, as well as a certificate of discharge from the company in which the said apartment is located, for the sale of the apartment to you and to admit you as a member of the company. In cases where you have purchased and taken possession of a property under a purchase agreement, title to the property will remain with the developer unless a deed of sale has been signed and subsequently registered under the Indian Registration Act. This clearly shows that a title deed can only be transferred by a deed of sale. In the absence of a duly stamped and registered deed of sale, the buyer of the property has no right, title or share in any property. According to the Law on transfer of ownership, a purchase contract, with or without possession, is not a transfer. Section 54 of the Transfer of Ownership Act states that the sale of property may be effected only by means of a registered instrument and that a purchase contract does not cause interest or costs on its object. 1% of the market value of the property (maximum INR 30,000) + INR 20 per page of the final deed of sale for the scanning fee (paid in cash at the time of registration) A sale agreement is an agreement to sell a property in the future. This agreement defines the conditions under which the property in question is transferred. The Transfer of Ownership Act 1882, which governs matters relating to the sale and transfer of real estate, defines the purchase contract or a purchase contract as follows: I have a question about the deed of sale. In addition, if all other fees are already completed and paid in full by the government for the deed of sale, you must ensure that after the completion of the construction of the building and with a certain number of persons prescribed in Article 10 of the MOFA who purchased the apartments, the builder takes steps to form a company or other organization, as provided for in the Mofa Agreement.
You must also ensure that, when creating such an organization, the customer duly executes an act of transfer within the period provided for in the MOFA agreement and, if this is not prescribed, the period prescribed in Article 11 of the MOFA in favor of the organization formed to transfer the land on which said building was erected, as well as the building, to the organization. It is also very important not to take possession of said apartment without the builder having received a certificate of occupancy. You must also ensure that when the company is incorporated, you receive a share certificate from the corporation stating that you own a certain number of shares. The above-mentioned share certificate must be signed by the president of the newly founded company. The Supreme Court also reaffirmed the importance of the purchase agreement between the builder and the buyer, as it recently ruled that the period of allocation of a residential unit to a home buyer must be taken into account from the date of the builder-buyer contract 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 to the builder in accordance with the contract of sale, the sanctity of which was maintained by that order. Hi Sir, We are buying a resale property in the Moshi/Chikhali area. The bank`s lawyer made a draft of the deed of assignment.
If they are checked with the sub-registrar`s office, they say that 5% of the stamp duty will be applicable. I was told to make a deed of sale instead to get the 3% stamp duty benefit. When I was checked with the lawyer, I was told that for the resale of apartments, the deed of assignment is executed and not the deed of sale or the deed of transfer. .
