The sale is considered the transfer of ownership of a property at a price or a tax. It indicates the full and complete transfer of all rights to the property and retains no rights to the transferred property. The sales concept is implemented using instruments called “Agreement to Sell and Sales Deed.” In addition, there are other types of transfer of ownership by gift deed, wills, etc., but these transactions involve no consideration, which is the main ingredient for the sale and sale of deed. A sale agreement usually has all the conditions related to the situation when the property is transferred to the buyer by the seller, while a declaration of sale consists of information about both parties (seller and buyer), their age, addresses, etc. This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act. Section 53A provides that the seller has no right to disturb the purchaser`s possession if the purchaser has entered into possession of the property that is the subject of the transfer, while fully acquiring its portion of the contractual obligation. It should be noted that Section 53A provides the proposed purchaser with a shield against the seller and prevents the seller from disrupting the purchaser`s property, but it does not cured the buyer`s property. The property`s ownership remains in the hands of the seller. “A contract for the sale of real estate is a contract to sell the property under the terms set by the parties,” Section 54. Section 54 adds: “It does not in itself create interest or royalty for such a property.” Signing a purchase agreement becomes important given several factors.

First, it is legal proof that the buyer and seller enter into an agreement on the basis of which the future approach will be decided in the event of a dispute. Also, if you apply for a home loan, the bank would not accept your application until you sign a sales contract. In short, a legal document that proves in writing the transfer of property rights from one person to another in return for the price paid. Without an original deed of sale, it is almost impossible to buy or sell land or build land. The person who pays the price is called a buyer or taker, and the person who transfers the property is designated as a seller or vector.