A catch-up tempered contract (also known as a property or contractual warranty or contract contract contract) is an agreement between a seller of real estate and a buyer under which the buyer agrees to pay the seller the purchase price plus interest to temper for a certain period of time. With the conclusion of the contract, the buyer takes possession immediately, but the seller reserves the right to conclude the property until the buyer pays the full purchase price. The seller delivers the deed to the buyer once the final payment has been made. Temperable contracts are an alternative to traditional mortgage financing and can benefit both seller and buyer in a real estate transaction. This article provides an overview of how temper contracts are established, the interests the parties hold in a temperable contract, and how those contracts can be terminated. This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act. Section 53A provides that the seller has no right to disturb the purchaser`s possession if the purchaser has entered into possession of the property that is the subject of the transfer, while fully acquiring its portion of the contractual obligation. It should be noted that Section 53A provides the proposed purchaser with a shield against the seller and prevents the seller from disrupting the purchaser`s property, but it does not cured the buyer`s property. The property`s ownership remains in the hands of the seller. Signing a purchase agreement becomes important given several factors. First, it is legal proof that the buyer and seller enter into an agreement on the basis of which the future approach will be decided in the event of a dispute.
Also, if you apply for a home loan, the bank would not accept your application until you sign a sales contract. Although the signing of the sale agreement does not mean that the sale has been completed, it is a decisive step in that direction. For this reason, buyers must be fully aware of the terms and conditions set out in the agreement. The sale contract may or may not lead to an effective sale of the property in question. Some stamp tax laws, such as the Maharashtra Stamp Act, consider that an agreement to sell a property on the same basis as a proper transport record, as well as a proper transport record, are subject to the same stamp duty as the one in force for the proper sale of a property. Under these provisions, which require the payment of stamp duty on a sales contract, a sale agreement is wrongly considered a good act of sale. In cases where you have acquired and taken possession of a property under a sale agreement, the title to the land will still remain with the developer, unless a sales record has been subsequently executed and registered under the Indian Registration Act.