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15. Where, before the completion of the transfer of the building, the building, including the dwelling, is notified by the Government for the acquisition or requirement, in accordance with the Acquisition Act or any other law currently in force, the buyer does not have the right to terminate such contract and, in the event of acquisition of the building, including the aforementioned dwelling, the purchaser is entitled to a proportionate portion of the compensation, if granted by the Government or another authority. If the dwelling in question is requisitioned by the government or another authority, the buyer is entitled to the compensation granted by the claims authority for the dwelling. 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. What the sales contract creates is a right for the buyer to buy the property in question under certain conditions. Likewise, the seller obtains the right to obtain the consideration of the buyer if his part of the general conditions of sale is respected. A sales document is a document that proves that the seller has transferred absolute ownership of the property to the buyer. Through this document, the rights and shares of ownership are acquired by the new owner. A deed of sale usually consists of the following information: A contract of sale is a promise in the future that the property will be transferred to the rightful owner, while the deed of sale is the actual transfer of ownership to the buyer. `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).` 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 real estate, defines the contract of sale or a contract of sale as under: The signing of a contract of sale becomes important given several factors.
First, it is legal proof of the conclusion of an agreement between the buyer and the seller on the basis of which, in the event of a dispute, the future action will be decided. Even if you apply for a home loan, the bank would not accept your application until you sign a sales contract. 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. b. The seller keeps a separate account for the amounts received by the seller from the purchasers of the apartments as pre-financing or security, received due to legal costs and the execution of other documents necessary for the execution, and uses the sums only for the purposes for which they were received and after transfer of the property in question. balances are paid by sellers and transferred to lump sum buyers. “A contract for the sale of immovable property is a contract that provides for the sale of that property under the terms agreed between the parties” – section 54, section 54, states: “It does not in itself create interest or calculate the property properly.” 5. . . .