(1) The sale of immovable property is a transfer of ownership as well as ownership rights. Whereas a purchase contract is a simple agreement according to which a sale of a property in the future should take place under the mutually agreed terms between the parties. Ownership rights remain with the seller. The amount and type of interest a person has in real estate is called an estate estate. Land estates are divided into two main classifications: estates and non-real estate estates. Remember that both parties must comply with the conditions set out in the purchase contract. Any party that fails to comply with any of the Terms, as required by the Agreement, may be taken to court if the other party so wishes. All parties involved should also be aware that this document can be cited as legal evidence in court and that all those who have agreed to comply with the conditions are legally obliged to do so. [ix] MayankShekhar, Sale of real estate, Legal, 16 September 2016 Only the sale of real estate is subject to the law. Real property may be tangible or intangible property. The transferor of the property who makes the sale is called the seller. The person who receives the property sold to them in return for consideration who is the purchaser is called the buyer. The assignor or seller must have the legal capacity and have the right to acquire the assigning property.
That is, he must not be a minor, he must be in his good spirit and must not be legally disqualified to transfer ownership. The transfer must be made either by the owner of the property or by a person authorized to dispose of the transferable property that is not his own. In Biswanath Sahu v. Tribeni Mohan[ii], it was decided that Karta had the right, in certain circumstances, to dispose of the property of a common Hindu family. The certificate from the relevant authority that allows the builder to begin construction of the property (after ensuring that all established criteria are met) is called a start certificate. Description: As a rule, the certificate of opening is issued by the local authorities. It is mandatory to hold this certificate in order to begin construction In the event of the seller`s failure to sell or hand over the property to the buyer, the buyer will be entitled to special performance under the provisions of the Specific Repairs Act 1963. A similar right is available for the seller under the contract to require a specific service from the buyer. Judgments of the case: – In this case, the court finds that a contract for the sale of immovable property or a contract of sale is a contract according to which the sale of such property must take place on the terms agreed between the parties. This alone does not cause interest or fees on these properties. For example, the karta of common family property has the right to transfer ownership in certain circumstances (Biswanath Sahu v.
Tribeni Mohan, 2003). Similarly, the guardian of a minor`s property is authorized to sell it with the permission of the court, and without that authorization, the sale would be invalid (Sarup Chand v. Surjit Kaur, 2002). An agent who has a power of attorney to sell the property can also sell it without owning it. The price is consideration paid for the transfer of ownership. Therefore, the price is money, but not necessarily money that is paid immediately in banknotes and coins, it includes money that could already be due or payable at a later date. A transfer is not a sale if no price is paid or promised or partially paid or promised. The transaction, which is sold without consideration, does not constitute a gift unless proven, nor can it be an exchange if the transferor does not transfer ownership of the property. A sale can be made orally, there is no mandatory obligation to be transferred by a written document.
[vi] In Nalamathu Venkaiya v.B.S. Neelkanta[vii], the court ruled that the payment of consideration is essential when a transfer of ownership is made through a sale. The timing of payment of the consideration is not important. The consideration may be promised or paid at a later date. 3. A sale must be made by registered deed if the property has a value of one hundred rupees or more, or in the case of a return or in the case of intangible assets. For a purchase contract, however, no registration is required. [ix] “Any contract of purchase (contract of sale) that is not a registered deed of transfer (deed of sale) would not meet the requirements of sections 54 and 55 of the Transfer of Ownership Act and would not confer title or transfer of interest in any property (with the exception of the limited right granted under section 53A of the Transfer of Ownership Act). » Liability for the payment of purchase funds – At the time and place of the conclusion of the sale, to pay or offer the purchase price to the seller or to a person mandated by him: provided that if the property is sold without charges, the buyer can withhold the amount of the charges of the property existing at the time of sale from the purchase price, and pay the amount so withheld to the persons authorized to do so.
A contract for the sale of land is a contract that stipulates that the “sale” of that property must take place on the terms agreed between the parties in that contract. Such a purchase agreement does not create interest or fees on that property. The purchase contract does not entail a transfer of ownership. However, a kind of obligation arises with regard to the ownership of the property. If a son-in-law entered into a purchase agreement in favour of his mother-in-law in exchange for a family settlement, it was concluded that this was a valid consideration for the sale. The usual rule for the sale is that the payment of the consideration is made at the same time as the time when the transfer is made by the seller. This rule may be set aside if the parties reach an agreement to the contrary (Chandra Shankar v. Abhia, 1952; Prasanta v. IC Ltd., 1955).
In Ramesh Chand Ardavatiya v. Anil Pangwani (2003), the Supreme Court ruled that the owner of a piece of land had entered into a contract of sale with B. After payment of the deposit, he handed over the property to B, but did not sign a deed of sale in his favor. B built a border wall, but this land was invaded by invaders at the request of A.B. filed a lawsuit in court to obtain a statement that he was in peaceful possession of property and sought a permanent court order preventing intruders from interfering with his peaceful possession of the property. 5. The seller is obliged to take care of the property and all related documents, as would an ordinary prudent man between the date of the purchase contract and the delivery of the property. 9.
It is assumed that the seller enters into a contract with the buyer, that the interest that the seller claims to transfer to the buyer remains and that he is authorized to transfer it. That is, he is obliged to give an alliance for the title deed. [xiii] Real estate, on the other hand, is defined as the interests, benefits and rights inherent in the ownership of real estate. The broader term real estate includes physical land (the surface and what lies below and above it), everything permanently associated with it – whether natural or artificial – as well as all property rights, including the right to own, sell, rent and enjoy the land. == References == the seller of the property is subject to the responsibilities and has the rights listed in the following rules: – Right to rent and enjoy: – to the rents and profits of the property until the ownership of it passes to the buyer. Price: The price is the essence of the purchase contract. It may be paid in a lump sum or in several instalments as agreed between the parties. A compromise, a discreet amount, an advance from one person to another or an agreement to protect and defend a property at the expense of the buyer is a good consideration for the sale. Similarly, a family settlement is a valid consideration for a sales contract. On October 31, 2020, a 40-year-old man was arrested by Noida police for deceiving a bank of 2 crore rupees by falsifying deeds of sale and taking loans.
On the same day, Madurai Main Session Judge G Ilangovan granted early bail to two sub-clerks arrested by the Dindigul District Criminal Division for registering documents without prior verification. .