A purchase agreement is an agreement to sell a property in the future. This agreement sets out the conditions under which the property in question is transferred. The Transfer of Ownership Act of 1882, which governs matters relating to the purchase and transfer of real property, defines the sale contract or sales contract as under: A contract to purchase real estate describes the contracting parties and what each person must do to conclude the sale on the date specified in the contract. Among the most important conditions are those that indicate that the seller must provide a clear title with the type of deed specified in the contract in return for the purchase price indicated. The contract must also contain a legal description of the property. Information on the type and amount of financing required by the buyer is included, as well as the time frames for inspection, repair, mortgage commitment and presentation of special documents for which the contract is used. On 31 October 2020, a 40-year-old man was arrested by Noida police for deceiving a bank of 2 Crores by forging debt and using loans. On the same day, the judge of the main meetings of Madurai, G Ilangovan, granted two sub-registries arrested by the Sanddigul Criminal Police Office, an early bail, on charges of recording documents without prior verification. According to the police, they registered the deed of sale without checking the certificate of charge, as well as the original documents, parental documents, death certificate, etc. If the seller does not sell or return the property to the buyer, the buyer is entitled to a special benefit in accordance with the provisions of the Specific Relief Act of 1963. A similar right is available to the seller as part of the agreement to require a certain benefit from the buyer. 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.