What Is The Meaning Of Property Agreement

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A purchase agreement (SPA) is a legally binding contract between two parties that provides for a transaction between a buyer and a seller. SPAs are generally used for real estate transactions, but can be found in all areas of activity. The agreement concludes the terms of the sale and is the result of negotiations between the buyer and the seller. It is clear from the above definition that a purchase contract contains a promise to transfer a property in question in the future if certain conditions are met. This agreement itself therefore does not create any right or interest in the property for the proposed buyer. This absolute rule is subject to the exception provided for in Section 53A of the Transfer of Ownership Act. Article 53A provides that if the buyer has acquired ownership of the property that is the subject of the transfer while fully respecting its part of the obligation under the contract, the seller has no right to interfere with the property so granted to the buyer. It should be noted that section 53A provides the proposed assignee with protection against the contemptuous and excludes the contemptuous from the transferee`s disruptive possessions, but it does not heal the buyer`s ownership of the property. Ownership of the property remains the property of the seller. The purchase contract is a concept of money that you need to understand. Here`s what that means. `A contract for the sale of immovable property is a contract under which the sale of that property is concluded in accordance with the terms agreed between the parties` – Article 54.

Article 54 further provides that „it does not in itself create an interest or a reasonable burden on such property“. According to the Indian Registration Act of 1908, any agreement to transfer shares in a property of more than one hundred rupees must be registered. Thus, if you have purchased a property under a purchase agreement without an appropriate deed of sale, you will not receive any right or interest in the property that is allegedly transferred under the purchase agreement. After signing the land contract, the seller reserves the right to own the property until all payments have been paid. However, it is assumed that the buyer has „fair title“ to the property and that the seller is prohibited from selling the property to third parties. In the event of the seller`s failure to sell or hand over the property to the buyer, the buyer is entitled to certain services under the provisions of the Specific Repairs Act 1963. A similar right is available for the seller under the contract to receive a specific service from the buyer. : Total return (SRO) is the return on capital invested in the purchase of a property. .