A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. The Transfer of Ownership Act of 1882, which governs matters relating to the purchase and transfer of ownership, defines the contract of sale or a contract of sale as: 1) You must do the “for sale” deed and register that deed with the points you have, namely the buyer and seller, with the registrar or the negotiator called MOU. A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. In cases where you have acquired and taken possession of a property under a sale agreement, the title to the land will still remain with the developer, unless a sales record has been subsequently executed and registered under the Indian Registration Act. Thus, it is clear that a security in a property can only be transferred by a deed of sale. In the absence of a deed of sale duly stamped and registered, no right, property or interest for a property, the buyer of the property. The agreement is valid in 100 Rs stamp paper and even if it is not done on stamped paper, it is valid. In fact, even a verbal sales agreement is legally applicable. Although the signing of the sale agreement does not mean that the sale has been completed, it is a decisive step in that direction. For this reason, buyers must be fully aware of the terms and conditions set out in the agreement.
Signing a purchase agreement becomes important given several factors. First, it is legal proof that the buyer and seller enter into an agreement on the basis of which the future approach will be decided in the event of a dispute. Also, if you apply for a home loan, the bank would not accept your application until you sign a sales contract. A deed of sale is a legal document that proves that the seller transferred absolute ownership of the property to the buyer.