Very often, real estate is sold through a broker. The general procedure works pretty much like that. The seller will sign a contract with a broker that will give the broker the right to list the property and show potential buyers. If the property is sold, the real estate agent will receive a commission which is usually a percentage of the seller`s purchase price. Generally, the brokerage commission is about 6% of the purchase price, although the most recent trend is to reduce commission, because computer technology and the internet have made it easier to market homes to a large number of potential buyers. Under Section 54 of the Transfer of Ownership Act, a sales contract, i.e. a sales contract, does not in itself generate any interest or charge for that property. Hon`ble Apex Court has found in numerous earlier cases, after recognition of various legal provisions, that a sales contract confers only a fiduciary character of the personal undertaking and is attached to the property, but does not constitute an interest or relief. Therefore, the transfer of real estate by sale can only be carried out by a willingness to transport (sale).
In the absence of a transport authorization (duly stamped and legally registered), no rights, property or interest in real estate can be transferred. Any sales contract (sales contract) that is not a registered transportation permit (authorization to sell) would be less than the requirements of Sections 54 and 55 of TPA and would not authorize the property or the transfer of interest on a property. According to TPA, a sale agreement, whether owned or not, is not transportation. Section 54 of the TP Act provides that the sale of real estate can only be done by a registered instrument and that a sale agreement does not create interest or fees on its property. As a general rule, after the buyer has made an offer and the seller has accepted the offer, a lawyer is responsible for drafting a sales contract, reviewing the title, designing a deed and closing the transaction. However, the participation of a lawyer is not strictly necessary for the drafting and execution of the sales contract. Under the Transfer of Ownership Act, a sales contract, with or without property, is not transportation. Section 54 of the Transfer of Ownership Act provides that the sale of a property can only be done by a registered instrument and that a sale agreement does not create interest or fees for its property. A deed of sale is a legal document that proves that the seller transferred absolute ownership of the property to the buyer.
Through this document, the rights and interests of the property are acquired by the new owner. A deed of sale usually consists of the following information- The sales contract may or may not lead to an actual 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.