The Supreme Court has also reaffirmed the importance of the sales contract between the contracting authority and the buyer, since it recently decided that the period of allocation of a housing unit to a buyer of a house must be taken into account from the date of the project-buyer contract and not from the date of registration of the project under the Real Estate (Regulation and Development) Act. 2016. The court also ordered the RERA authorities to order the payment of compensation by the contracting authority under the contract of sale, the sanctity of which was confirmed by that order. SpAs also contains detailed information about the buyer and seller. The agreement records all deposits made prior to negotiations and notes a part of the agreement that has already been complied with. The agreement also specifies when the final sale will take place. In principle, there is a small difference in the sale and the agreement to sell. Sale is a transaction in which a person transfers ownership of certain goods and then simultaneously supplies the goods to another person, as a result of which the person to whom the goods are transferred pays consideration to the owner of the goods. At the time of the sale, the property deeds are handed over on site. While in a sale agreement, the deeds of ownership will be handed over in the future. `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).` The contract of sale may, or may not, lead to an actual sale of the property in question. Some stamp duty laws, such as the Maharashtra Stamp Act, provide for an agreement to sell real estate as an appropriate deed of transfer and are therefore subject to the same stamp duty as that applicable to the deed of transfer or deed of sale of real estate.
Under these provisions, which require payment of stamp duty on a contract of sale, persons wrongly perceive a contract of sale as a deed of sale in due form. If the products or services transferred as part of a sale without a contract are damaged or unsatisfactory, the responsibility lies with the buyer. The seller is not legally obliged to remunerate his sale. 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. In 2012, in the case of Suraj Lamp & Industries (P) Ltd (2) v Den State of Haryana, while dealing with the validity of sales of real estate made by proxy, the Indian Supreme Court ruled as follows: the sale agreement becomes a sale when time has elapsed or the conditions are met, under which ownership of the goods is to be transferred. 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 Immovable Property Act 1882, which governs matters relating to the sale and transfer of immovable property, defines a contract of sale or a contract of sale as follows: in the event of the seller`s inability to sell or hand over ownership of the property to the buyer, the buyer obtains a right to a specific service, under the provisions of the Specific Relief Act 1963. A similar right is available to the seller under the contract to obtain a specific performance from the buyer. . .