WHAT MATTERS ARE INCLUDED IN A REAL ESTATE SALE AGREEMENT?
A real estate sale agreement can include matters like:
- Proposal to purchase and contract to sell
- Detailed description of the property in question
- Requirement of good title and no encumbrances
- Consideration for sale including earnest money
- Representation and warranties
- Delivery of original documents
- Drafting of sale deed and registration
- Mode of delivery of property
- Remedies for non-completion of sale and agreement to sell
- Forfeiture of earnest money in case of incomplete sale
- Production of tax certificates
The sale of real estate property usually involves two deals- (i) the making of the preliminary agreement called the contract of sale and (ii) the delivery of the sale deed in exchange for the purchase price. Hence, an agreement to sell cannot be confused with a sale deed because it does not create any rights on the property for the buyer.
WHICH ENACTMENTS GOVERN THE REAL ESTATE TRANSACTION IN INDIA?
The following enactments govern the real estate transactions in India:
- Indian Contract Act, 1872
- Transfer of Property Act, 1882
- Indian Easements Act, 1882
- Real Estate (Regulation and Development) Act, 2016
- Registration Act, 1908
- Indian Stamp Act, 1899
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