Agreement For Sale Under Rera

Overall, while the law can be directed towards protecting the interests of purchasers, it has as much decision-making power in favour of the purchaser as if ambiguities arise from unregistered sales contracts. With an increase in cases of fraud in the real estate market, it is advisable to pay a little higher fees for all buyers and get the sales agreement registered, instead of saving on registration fees just to lose the total advance due to fraud. Initially, some of Maharera`s orders considered that the complaining buyer was not authorized to file a claim on the basis of the above letter of award, in the absence of a formally expressed “sale agreement.” It was decided that the interest law under Section 18 imposes a “sale agreement” as a precondition for the granting of interest to the homebuyer. To appreciate Maharera`s opinion, it would be wise to take this section into account: in addition, Section 13 provides for the mandatory registration of the sales agreement by prohibiting developers from accepting more than 10% of the cost of the property without executing and registering the sale agreement. However, there is no law under which – Registration Act, 1908, The Transfer of Ownership Act, 1882 or the Real Estate (Regulation and Development) Act, 2016 – registration must take place. The registration of the sale agreement was made mandatory in the buyer`s interest. Since the agreement is signed before the Registrar, it guarantees that the buyer is not obliged to sign a specific clause. In addition, the registration of the deed allows it to be presented in court as proof of the contract, thus preventing the promoter from denying its existence and thereby bringing it to justice. Registration also generates revenue for the government in the form of stamp duty. But in this case too, the buyer should encourage the developer to register the purchase agreement. The objective is to ensure that the proponents of the project, when acted on the basis of an unregistered sale agreement, are not in a position to charge the defence so that unregistered sales contracts cannot be relied upon for the purpose of obtaining evidence pursuant to Section 49 of the Registration Act 1908. While this section deals only with the non-registration of documents requiring mandatory registration under Section 17 (1) of the same act, it can be argued that the purpose of registering an instrument is the mandatory possibility of imposing a penalty for non-registration, which in this case would be the one prescribed in section 49 of the act.

In order to prevent pollsters from adopting this view and to prevent the application of the rights conferred by the unregord sales contract, the purchaser should register the purchase document. There are a large number of projects in progress in which the developer may have asked the buyer for more than 10% of the cost of the property under the ATS and may have been donated by him, which were (in the absence of requirement) and are still not registered. Prior to RERA, Maharashtra was governed by the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management, Transfer) Act 1963 (MOFA). The MOFA contains Section 4A, which states that the owner`s letter of attribution issued by the owner is enforceable despite the provisions of the Indian Registration Act. Explanatory Note: A document that claims or operates a contract for the sale of real property is not considered necessary or never necessary because it requires registration, simply because that document is a recital of the payment of a serious money or all or part of the purchase money.

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