Land Purchase Agreement Stamp Paper
“Fixed assets may only be transferred by means of a deed of transfer (deed of sale) duly stamped and registered in accordance with the law. We therefore reiterate that fixed assets can only be transferred and transferred legally and legally by means of a registered deed of transfer. If two parties agree on a real estate transaction, they enter into an agreement. This agreement is called a sales contract. This agreement contains all the conditions under which the sale of the property will take place. `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).` 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 deed of sale is executed when the final transfer of ownership is transferred from the seller to the buyer. While the sales contract gives you the future right to buy the property, the effective transfer of ownership only takes place if you execute a deed of sale with the seller.