`Any contract of sale (agreement of sale) which is not a registered deed of assignment (deed of sale) would not satisfy the requirements of sections 54 and 55 of the Transfer of Ownership Act and would not confer title or interest in immovable property (with the exception of the limited right granted under section 53A of the Transfer of Ownership Act).` 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. In the event of the seller`s failure to sell or hand over the property to the buyer, the buyer obtains a right to certain services in accordance with the provisions of the Specific Relief Act 1963. A similar right is available to the seller under the contract to obtain a specific service from the buyer. The instrument of sale is a legally binding document that was created specifically to transfer title and ownership of real estate from one person to another for a price. The deed of sale is implemented by the Registration Act of India. An instrument of sale is only valid if it has been signed by both the seller and the buyer and both parties must comply with the conditions set out in the deed of sale. Application: Fill out a simple sales form concerning your personal data on the LegalDocs website to create a draft deed of sale. Download online documents on our website. A contract of sale is a contract for the sale of real estate in the future. This agreement defines the conditions under which the property is transferred. The Transfer of Property Act, 1882, which governs matters relating to the sale and transfer of immovable property, defines the contract of sale or a contract of sale as follows: The contract of sale may or may not lead to an actual sale of the property in question.
Some stamp duty laws, such as the Maharashtra Stamp Act, provide for an agreement to sell real estate as an appropriate deed of transfer and are therefore subject to the same stamp duty as that applicable to the deed of transfer or deed of sale of real estate. Under these provisions that require the payment of stamp duty on a contract of sale, persons wrongly perceive a contract of sale as a deed of sale in due form. . . .