The Supreme Court of India in 2012, in the case of Suraj Lamp – Industries (P) Ltd (2) v. State of Haryana, while examining the validity of the sale of real estate by proxy has done, as under: A deed of sale is a legal document that proves that the seller transferred the absolute ownership of the property to the buyer. Through this document, the rights and interests of the property are acquired by the new owner. A sale party usually consists of the following information – the registration of a sales contract, ready to sell a property to a given person, if it receives the full payment in the future, will not be a block for the owner to go and sell or transfer the property to a third party, without the contract of sale being cancelled by a civil court decree , decided the Madras High Court. If the seller does not sell or return the property to the buyer, the buyer is entitled to a special benefit in accordance with the provisions of the Specific Relief Act of 1963. A similar right is available to the seller as part of the agreement to require a certain benefit from the buyer. 2. The unregant sales agreement is not valid, the signing of a sales contract 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. The Supreme Court also reaffirmed the importance of the contract of sale between the owner and the purchaser, since it recently decided that the period of awarding a dwelling unit to a home buyer should be taken into account from the date of the owner-buyer agreement and not from the date of registration of the project under the Real Estate Act (regulation and development). , 2016.
The court also ordered the rera authorities to order the payment of compensation by the contractor, in accordance with the sales contract whose unsealability was upheld by this decision. The Transfer of Ownership Act of 1882, which extends to the whole of India, finds in Section 53A that if a buyer has paid the part of the consideration and taken possession of the property in accordance with the terms of the contract and such a transfer is not registered, the purchaser is excluded from asserting his rights to that property against the purchaser.