What is Registered Sale Agreement?
A sale agreement is defined as a document specifying an ownership transfer of immovable property for consideration under Section 54 of the Transfer of Property Act, 1882 (TP Act).What Information Should be Included in a Sale Agreement?
- The information about the seller, who may transfer the sale agreement to the buyer themselves if they are the sole owner of the property in question.
- Lack of any flaws in the information, third-party disputes and claims, or if there is any kind of complete disclosure of the same.
- The competency of the seller of the property to transfer ownership to the buyer.
- No lien or encumbrance on the land.
- Transfer and delivery of the property's physical possession to the buyer, together with full payment received, together with the title deeds held by the seller.
- The property's payment and clearance of all government obligations owed from the property's seller.
- Seller's covenant to execute additional paperwork, such as transferring utilities and municipal records to the buyer's name, in order to completely safeguard the buyer's rights.
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Once the seller and the buyer come to an understanding to enter into a property transaction, an agreement is drafted, mentioning the terms and conditions depending upon which the transaction will take place. This document is referred to as an agreement to sell or sale agreement. It is prepared on non-judicial stamp paper. Now that you know about what is sale agreement, let me explain what does it contain:
What Does Sale Agreement ContainThe complete identification of the property as well as the parties
Final sales deed registration and possession by the buyer
Clauses related to a penalty in case there is a delay in completing the project
Time frame for concluding the deal and providing the possession of the bought property to the buyer
Mode of payment of the consideration
Agreed consideration payable by the buyer
Details pertaining to the quality of construction, amenities and facilities available to the buyer
Area and measurement of the property
All other required terms and conditions agreed between and by the seller and the buyer.
Now that you know what is sale agreement and what it contains, let’s read about its importance.
Importance of Sale Agreement:It is legal proof of the seller and buyer that becomes the basis for subsequent actions by both parties. Also, in case you want to apply for a home loan, the bank will only accept your application after you sign the sale agreement.
I hope you like my answer on what is agreement to sell.
😊
Read whether it’s possible to cancel a sale agreement or not.
Find out how to replace co-owner name in sale agreement
Your Feedback Matters! How was this Answer?
Authors Of The Question
What is Sale Agreement?
Kritika
1802 Views
2 Answers
3 Year
2021-09-17T17:06:10+00:00 2024-03-21T13:43:10+00:00Comment
Share