Can a power of attorney sign a sales agreement? Signing a sales contract becomes important given several factors. First, it is legal proof of the conclusion of an agreement between the buyer and the seller on the basis of which, in the event of a dispute, the future action will be decided. Even if you apply for a home loan, the bank would not accept your application until you sign a sales contract. 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 authorities de rera to order the payment of compensation by the contracting authority under the contract of sale, the sanctity of which was confirmed by this order. CERTIFICATE OF SALE – A legal instrument that is executed between the seller and the buyer and that attests to the sale and transfer of ownership of real estate is an instrument of sale. It is mandatory to register a deed of sale in accordance with section 17 of the Registration Act 1908. A sale agreement is an essential document in the process of selling and buying real estate.
It is an essential document because it describes how the seller acquired the property, such as the date of the transaction, the amount of the consideration, etc. It acts as a critical document, especially for the buyer, since it notes the proof of ownership of the property. There is an appropriate procedure for the registration of the deed of sale, under which the land / real estate is prepared by appropriate documents, which pay the corresponding stamp fee and have them registered in the presence of witnesses. The above definition makes it clear that a contract of sale contains a promise of future transfer of a property in question if certain conditions are met. This agreement itself therefore does not create any right or interest in the property for the proposed buyer….