The above definition shows that a purchase agreement contains a promise to transfer the property in question in the future under certain conditions. This agreement itself therefore does not create any rights or interests on the property for the proposed buyer. The sales contract, which is a technical document, has a number of conditions that you need to understand in depth. Sale is, for example, a transaction in which all or part of the money is exchanged for the transfer of ownership of a given land. AND Part 1 recognizes that the amount mentioned by Rs.—————— if the full and final payment in relation to the property in question. Party No. 1 has represented to Party No. 2 that the dwelling mentioned is itself acquired if its successor heirs, family members or others do not have the right, title, interest or concern of any kind and as such party No. 1 is fully competent to conclude this agreement and transfer all its rights in favor of party No. 2 under the conditions agreed between the parties and are mentioned above:2.
This part 1 assures Party 2 that the above apartment is free of all kinds of charges such as pre-sale, gifts, mortgages, litigation, residence orders, seizures, communications, acquisitions, commissions, consignments, security, securities, HUF, Benami, property or other registered or unregistered charges, and if this fact is otherwise established, which means that some or all of the above apartment is in the hands of Part 2, Part 1 will compensate for the loss incurred by Part 2. 13. That Part 2 after receiving the full remuneration of Rs sales. ———— by Part 2 and after Part 2 has paid/deposited the full balance, there is no further action to be performed, unless it is transmitted by Part 1, since Part 2 has the right to take the act of promotion either by Part 1 or, if authorized, at any time and to a prescribed act, does not apply to the transaction. Section 13, paragraph 1 of the RERA Act 2016 states that „the project proponent may not accept more than 10% of the cost of the dwelling, land or building, as it may amount in this case in the form of an advance or a person`s application fee without first entering into a written sales agreement with that person and registering the agreement for sale under current legislation.“ Ownership of all land should be clear and marketable, and it is said that it is done as such when executing the deed of sale. However, in practice, buyers make a sales contract as a precautionary measure, although they are aware that it does not create title to a property. A deed of sale is considered an authentic instrument and also establishes a clear title to the property, since it is a document subject to the obligation, pursuant to Section 17, paragraph 1, of the Registration Act 1908. However, section 13 of the RERA Act 20161 stipulates that a sales contract must be registered. Although this is not the case with the Registration Act 1908.