Generally speaking, real estate has a higher value than movable property, since it includes sales related to complex procedures. The sale of the property also requires a detailed description and understanding of the entire process and the roles of the parties. Therefore, the first step in the sale of real estate is to draw up a sales contract. In the event of the seller`s failure to sell or hand over the property to the buyer, the buyer obtains a right to certain services in accordance with the provisions of the Specific Relief Act 1963. A similar right is available to the seller under the contract to obtain a specific service from the buyer. A deed of sale is usually a document that transfers the rights of a party with ownership of another property. It is mainly formulated as the continuation of the sales contract. All the conditions mentioned in the sales contract are fulfilled and respected in the deed of sale. In each process of selling and buying real estate, we start the transaction with a sale agreement that can also be called a memorandum for sale. It is a document that includes the conditions agreed and decided between the parties and is mandatory for the parties concerned as soon as the change of currency has taken place.
It always precedes the execution of a certificate of sale and is registered in some countries in India .B. Maharashtra. It is therefore a promise to complete the entire transaction as stated in the sale agreement and has legal untouchability. Remember here that both parties must comply with the conditions set out in the sales contract. Any party that fails to comply with any of the conditions set out in the agreement may be brought before the courts if the other party so wishes. All parties concerned should also ensure that this document can be invoked as legal evidence before the courts of the law and that all those who have agreed to comply with the conditions are legally bound by it. Observing a case between the State of Haryana and Suraj Lamp & Industries (P) Ltd, the Indian Supreme Court ruled in 2012 that the legal and legal transfer of real estate could only be carried out by a duly stamped and registered sales document. The contract of sale may, or may not, lead to an actual sale of the property in question.
Some stamp duty laws, such as the Maharashtra Stamp Act, provide for an agreement to sell real estate as an appropriate deed of transfer and are therefore subject to the same stamp duty as that applicable to the deed of transfer or deed of sale of real estate. Under these provisions, which require payment of stamp duty on a contract of sale, persons wrongly perceive a contract of sale as a deed of sale in due form. A deed of sale is an accepted ownership document that has been registered by the civil courts of the country….