In cases where you have purchased and owned a property under a purchase agreement, title to the property will continue to remain with the developer unless a deed of sale has been signed and subsequently registered under the Indian Registration Act. This clearly shows that a title deed can only be transferred by a deed of sale. In the absence of a duly stamped and registered deed of sale, the buyer of the property is not entitled to any right, title or interest in any property. A purchase contract is a contract for the sale of a property in the future. This agreement defines the conditions under which the property in question will be transferred. «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 (except for the limited right granted under section 53A of the Transfer of Ownership Act).» 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. When a property is rented for 24 months at a monthly rent of Rs20,000 for the first 12 months and Rs22,000 per month for the following 12 months. The registration fee for this agreement would be: 2% of the average rent for 12 months: Rs5,040, (average monthly rent is rs 21,000, average annual rent is 21000 * 12 and 2% is Rs5,040).
Remember here 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 and conditions prescribed in the Agreement may be brought before the courts if the other party so wishes. All interested parties must also ensure that this document can be cited as evidence of law in court and that all those who have agreed to abbreviate its terms are legally obliged to do so. An agreement that is previously signed and scanned with the government registrar is a registered agreement. This process is carried out and completed with the Office of the Sub-Registrar for a specific domain. A notarized agreement has the stamp (signed before me), the seal and the signature of a notary on the last page of the contract. From the above definition, it becomes clear that a purchase agreement contains a promise to transfer a property in question in the future if certain conditions are met. .