This is how the sale is seen as a transfer of ownership by one thing against a price idea, and the same is paid or promised to pay. Stamp duty on the various sales or sales contracts must be paid in accordance with the laws of the state in force. In states like Maharashtra is put a lot of importance on the agreement for the sale and stamp duty is collected on them, allowing it to transfer the property to the buyer on an equal footing. The minimum price at which stamp duty must be paid when transferring real estate is called the government district rate. If the price paid by a buyer is less than the district rate, the stamp duty is paid on the district/government rate. In general, state governments apply stamp duty and registration fees at the declared value or district/government rate, based on the highest value of the transferred property. After stamp duty, 1% of the value of the property is calculated in the form of a registration fee to be paid for the registration of the instrument. Thank you for reading the Tribunal`s guide to the main features of a purchase and sale agreement. To continue to study, please explore these additional CFI resources: Once a sale takes place, the seller may claim damages if he is not paid, but he cannot resell a product that has already been sold. When a seller attempts to resell a previously sold product, the buyer of the item already sold receives a wrong title or improper possession.
In the case of a sale agreement, a seller may resell the product to a second buyer as long as the second buyer makes the purchase in good faith. However, the first buyer can claim damages from the seller if he never receives a product for which he has paid. The loss falls on the seller, although the merchandise is the buyer`s property. Here, the seller has the right to complain about the price. Both documents are therefore essential for the transfer of the buyer`s property, although at different stages of the sales activity. However, for the execution of these documents, 2 parts: the buyer and the seller must be present at the transfer of ownership. The seller must be responsible for entering into a sale or sale agreement, as he has an undisputed title on the land that wishes to be sold. There must also be a reflection on the money to place the property for the benefit of the buyer. The transfer of ownership in question is ongoing on the transfer of rights and liabilities related to the property of the subject and such a transfer associated with money leads to a sale that is led by the agreement to sell and ultimately concluded by deed Sale.