There are also cases where the agreement is concluded in one fiscal year, but the final payment is made in another fiscal year. There was also a significant case with a fitness club in Mumbai that had agreed to sell the property in a given year for an advance of an agreed sum, while the final transfer was due to take place next year on payment of the final amount. 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 the absolute ownership of the property. A deed of sale is a legal document that proves that the seller transferred absolute ownership of the property to the buyer. Through this document, the rights and interests of the property are acquired by the new owner. A deed of sale usually consists of the following information- Remember here that both parties must comply with the terms of the sales contract. Any party that does not comply with any of the terms of the agreement could be brought to justice if the other party so wishes. All parties involved should also ensure that this document can be used as legal evidence before the court of law and that all those who have agreed to comply with the conditions are required to do so. “The best part of this section is that homebuyers first enter into a purchase agreement and then pay the amount of the reservation. The advantage they get is that they then know every detail of the project as well as the terms and conditions before making a payment to the developer. That is not the case now.
Today, home buyers pay the amount of the reservation and then wait several months before the developer submits a contractor contract. In many cases, the contractor`s buyer`s contract is signed after home buyers have paid 30% of the total cost of the project,” says DK Garg, a Supreme Court lawyer. 1) You can pay 10% of the sales benefit in advance form. According to Section 1 of Section 13 of the Act, “a developer may not accept more than 10% of the cost of housing, land or building if it may be an advance payment or registration fee of a person without first entering into a written sales agreement with that person and registering the agreement for sale. While a sales contract and sales invoice have similar purposes, a sales contract offers a more detailed payment schedule and guarantees for the item.