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. (ii) amend the stamp laws that subject contracts of sale to the provision of ownership and/or irrevocable powers in favour of non-family members who authorize the sale at the same stamp duty as the deed of transmission. The Supreme Court drew attention to the facts and found that a sales agreement had been reached between the complainants and the respondent`s father on 2 June 1999. The consideration agreed between the parties was Rupees One Lakh and Sixty Thousand, an amount of which rupees Sixty Thousand was paid at the time of performance of the contract of sale. The Supreme Court considered this limited issue/alternative argument in its decision. On October 31, 2020, a 40-year-old man was arrested by Noida police for defrauding a bank of two Crores Rs., falsifying sales documents and borrowing. On the same day, Madurai Principal Sessions Judge G Ilangovan granted early bail for document registration without prior verification to two sub-registrars arrested by the Dindigul District Crime Branch. According to the police, they registered the deed of sale without checking the certificate of hardship, as well as the original documents, parental documents, death certificate, etc.
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. 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. 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. Under the Transfer of Ownership Act, a contract of sale, with or without ownership, is not a transfer….