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 Property Transfer of Property Act of 1882, which governs the issues of purchase and transfer of real estate ownership, defines the sale contract or a sales contract as follows: The next step after the payment of stamp duty is registration in a sub-register pursuant to the Indian Registration Act of 1908. In this case, the buyer must pay the registration fee that exceeds the stamp duty rate. However, ownership of the site should be within the jurisdiction of the under-registration agency. With the registration of the document, the buyer becomes the rightful owner of the property. Review and authorisation: We deal with questions posed by offices and registration with the relevant authorities. All parties must be present at the registration of the property at the sub-shelter. The final transfer of ownership from seller to buyer is considered complete only when stamp duty and registration fees are properly paid. Stamp duty is a tax imposed by the government during the process of transferring property from one person to another, and in accordance with Section 3 of the Indian Stamp Act in 1899, stamp tax is required because the state government verifies the purchase of the property. However, stamp duty and registration fees differ from state to state and 9th.
Below, the rates at which stamp duty and registration fees are collected in different states and UT: the Indian Registration Act, 1908 deals with the rules and the property registration regime and it is mandatory to register the property within the allotted time, so that one can avoid the payment of penalties to be paid to the sub-registers, and also the legal right of property to be preserved , because once the buyer`s registration becomes the rightful owner of the property. The registration of the sales mark must not erase the existing entry, i.e. the sales contract. This will remain the case and the last entry is the sales contract between the same parties that were included in the sales contract, so it will provide reasonable grounds for the appearance of such entries in the certificate of charge. The status of the sale constitutes the sale and transfer of ownership of a property which is a legal agreement entered into by the seller and buyer. A deed of sale is an essential document for both parties registered in accordance with the 1908 Registration Act. It will be signed as stated in the agreement after both parties have agreed to the terms of the sale.