In such a scenario, buyers began to actively think about buying resale flat. Well, you may be wondering, what is a resale apartment? This is an apartment/property that is already in the possession of a few others (not the owner), got its OC (so it is complete in all aspects) and is part of a project where people have been fed for a few years. It offers the benefits of the willingness to move in, with all the amenities around the apartment and no uncertainty related to completion dates. It also has the financial advantage of not paying rent and not paying GST. Sometimes, even after a sales contract has been executed, the sales statement is not executed. The buyer can change his mind, the seller can change his mind, anyone can get a better offer, the bank loan can be denied – there can be so many reasons! So what does the buyer do in such a case? He`s already paid the stamp duty! Is there a way to recover that amount? The purpose of a sales contract is simple – it defines the conditions under which the sale must be made. It also protects the buyer and seller, in case either return of the transaction. This guarantee can also be invoked through an agreement signed between the two parties. The agreement should list all the terms of sale and be printed on a 500Rs/500Rs stamp paper. The advantage of this agreement is that, when implementing this agreement, it is not necessary to pay the full stamp duty. “sale agreement” or “sales contract” contains the terms and conditions agreed by mutual agreement between the seller (seller) and the buyer (buyer) for the sale of the property. This agreement governs the entire real estate transaction and remains valid until the property is registered or unless otherwise stated.
In this regard, it is of course considered that the purchaser has already established the legality of the property through a complete due diligence procedure (verification of ownership and search for securities). For this step, a good real estate lawyer is required. A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. The Transfer of Ownership Act of 1882, which governs the purchase and transfer of real estate, defines the sales contract or sales contract as: What if, for some reason, the transaction does not enter the sale phase? Will the buyer be reimbursed? In Maharashtra, a sales contract can only be executed by registration. A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. Is there a way for the buyer to protect himself without having to execute a sales contract? Falling under the law hira 1960 and resale flat act is the sale value is not immediately react, even if the signing of the sale agreement does not mean that the sale was concluded, it is a decisive step in this direction. For this reason, buyers must be fully aware of the terms and conditions set out in the agreement. 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 construction-buyer agreement and not from the date of registration of the project under the Real Estate (Regulation and Development) Act 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.