Therefore, failure to register a document that is required by law to register has serious and serious consequences, since the party seeking its enforcement may not be able to rely on the document to prove its contents. The procedure may thus deter the party from the specific performance of the contract. The purchase contract is not a title document, so the loan cannot be granted on the basis of a purchase contract, but private financiers can grant it because they know how to recover in case of late payment in the future. The court had ruled, citing legal provisions, that the contract for the sale of immovable property in Uttar Pradesh must be a registered document and that an unregistered agreement on the sale of immovable property as evidence was inadmissible. The format of the deed of sale must include a full description of the deed of sale, e.B. the name and address of the buyer and seller, i.e. the performing parties. Later, Sharma refused to comply with the agreement on the grounds that no definitive, legal and binding purchase contract had been registered by the parties and that the existing contract could not be obtained as proof of the alleged contract. It is legally enforceable because a deed of sale completes the sale in a legal document. If the purchase contract does not justify it, another question arises as to whether the buyer can exercise recourse in the event of a breach of the purchase contract. It was answered in accordance with Article 18 of the RERA Law, which stipulates that the developer must compensate the buyer if he has not been able to complete the project and transfer ownership of the property within the deadlines set in the contract of sale or purchase. If the promoter does not do so, he can file a complaint with the RERA3 authority and claim compensation. In case of violation of the order of the authority, he can appeal to the Real Estate Regulation Appeal Tribunal under section 44 of the RERA Act 2016.
1. The buyer can obtain a loan on the basis of the contract. As this does not lead to the mortgage of your property, the responsibility for repaying the loan lies directly with the buyer. 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. In addition, a purchase contract does not require mandatory registration under section 17 of the Registration Act 1908 (Registration Act). Therefore, it should be concluded that the RERA Act of 2016 outperforms the Registration Act for the purposes of the sales contract, as the sales contract does not contain a clear title but can be applied in court under the provisions of the RERA Act of 2016. You must provide proof of ownership of the property. However, one can sell suspicious property without a deed of sale, since one has not acquired, but only inherited. Please contact CorpBiz support to discuss your specific case. To understand the conflict between RERA and the registration law, it is important to understand the difference between the sales contract and a deed of sale. .