With Agreement To Sell
Sale is the transfer of ownership of a property at a price or fee. It indicates the complete and complete transfer of all rights in the property and the seller does not retain any rights to the transferred property. The concept of sale is created by instruments called deeds of sale and sale. In addition, there are other types of transfer of ownership by deed of gift, wills, etc., but such transactions do not involve consideration, which is the main element of the sale agreement and the deed of sale. The main difference between a sales contract and a sale is that the former is called an executable contract and the latter is called an executed contract. Sales are complete and absolute, while agreements prescribe the terms of a sale that has not yet taken place. In the agreement on the sale, the parties agree to exchange the goods for a price that depends on compliance with certain conditions at a specified later date. The loss is the responsibility of the seller, although the goods are the property of the buyer. Thus, a sale is a transfer of ownership through a deed in exchange for a price consideration and the same is paid or promised to pay.
Stamp duty on the various contracts for the sale or sale of deeds is payable in accordance with the applicable state laws. In states like Maharashtra, the focus is on the sales agreement and stamp duty is levied on it, which keeps it on an equal footing to transfer ownership to the buyer. The minimum price at which stamp duty is payable in the event of a transfer of real estate is called the Government Circle rate. If the price paid by a buyer is lower than the county rate, stamp duty will be paid on the county/government rate. In general, state governments charge stamp duty and registration fees on the indicated value or county/government rate, whichever is higher. After stamp duty, 1% of the value of the property is charged as a registration fee to be paid for the registration of the instrument. The deed of sale is the most important legal document by which a seller transfers his right of ownership to the buyer, who then acquires absolute ownership of the property. The seller has the right to resell the same goods if the conditions are not met.
According to the Law on transfer of ownership, a purchase contract, with or without possession, is not a transfer. Section 54 of the Transfer of Ownership Act states that the sale of a property may only be effected by means of a registered deed and that a purchase contract does not generate interest or costs on its property. If a sale takes place without a contract, each party is at risk because there are no conditions to protect either party if something goes wrong or even has unintended consequences. .