A sale agreement is an instrument by which the seller agrees to transfer the property to a buyer if certain conditions are required, but does not create the buyer`s property on the property. Article 13, paragraph 1 of the RERA Act 2016 states that “the project proponent may not accept more than 10% of the cost of the dwelling, land or building, as may be the case in the form of an advance payment or a registration fee of a person without first entering into a written sales agreement with that person and registering the agreement for sale. according to a law in force at the moment.” Section 13 of the Act prohibits a developer from accepting more than 10% of the cost of the property by a buyer without running an ATS and without such an ATS being registered. However, Section 13 does not specify the law under which such registration would apply, namely.dem Registration Act, the TPA or the law itself. It appears that Section 13 has the effect, without any express provision, of amending section 54 of the TPA and section 17 of the Registration Act, which does not provide for the mandatory registration of ATS. These documents should be accompanied by all other documents necessary for the sale agreement. This shows the willingness of both parties to sell and buy a property in question, and concludes with the creation of the actual sales statement. This cannot therefore be characterized as a deed of sale, as it does not create any rights to the property for the buyer. Remember here that both parties must respect the terms of the sale agreement. Any party that does not comply with any of the terms of the agreement could be brought to justice if the other party so wishes. All parties involved should also ensure that this document can be used as legal evidence before the court of law and that all those who have agreed to comply with the conditions are required to do so. The Supreme Court of India in 2012, in the case of Suraj Lamp – Industries (P) Ltd (2) v.
Haryana State, while the treatment of the validity of sales of real estate by proxy, has done under: A sales document is the document that follows the agreement and is the most important legal document for the sale of the sale or transfer of property to the benefit of a buyer. It defines the buyer`s ownership over the property and is the main document of each transaction. The execution of this document means that the transaction is concluded in accordance with the terms of the agreement. The document must be submitted for registration within four months of the execution date. An additional 4 months may be granted with a fine payment equal to 10 times the registration fee. In the absence of such a provision, there is ambiguity as to the validity and application of these unregistered ATSes, which are now legally required to be forcibly registered. Parliament must respond to the aforementioned ambiguity with an appropriate amendment to the law. Alternatively, the national governments concerned could address the issue in the internal regulation. In the absence of a law, developers are well within their rights to defend themselves if, on the basis of an unregistered ATS, that the content of such an ATS cannot be read for the purposes of evidence, according to Section 49 of the Registration Act. Strictly speaking, Section 49 refers only to the non-registration of documents that are required to be registered mandatorly, either under Section 17 of the Registration Act or TPA.
Section 13 of the Act is not explicitly in Section 49. However, it is questionable whether the purpose underlying the forced registration of a document is to impose a consequence of its non-registration and, in this context, that the non-registration provided for in section 13 of the Act will be the consequences set out in Section 49 of the Registration Act.