Here are a few things you need to keep in mind – the deposit is a certain amount of money collected in advance by the tenant in order to avoid losses for the landlord by not paying any rent or damage to the property. The amount is usually a few months in the value of the rent and is refunded to the landlord at the time of return of the key. From a horde of MNCs to ancient temples, Chennai has it all. It is therefore not surprising that a large number of educated people settle mainly for jobs in cities like Chennai and Coimbatore, which has increased the demand for rental properties. Which brings us to the point of this article, how to make a lease in the cities of Tamil Nadu? In the future, a contract of sale will be promised that the property will be transferred to the rightful owner, while the value of the sale is the actual transfer of the buyer`s property. In cases where you have purchased and taken possession of real estate under a sales contract, ownership of the land remains in the hands of the developer, unless a sales protocol has been executed a posteriori and registered in accordance with the Indian Registration Act. It is therefore clear that a guarantee in a property can only be transferred by a deed of purchase. In the absence of a properly stamped and registered sales document, no right, ownership or interest in a property, the buyer of the property. Under the Indian Registration Act of 1908, any contract for the transfer of interest must be registered on land worth more than Rs 100. Therefore, if you bought a property for sale under a contract without a good state of sale, you will not get any rights or interest in the property that would be transferred under the sales contract. To prepare a lease, start by creating a project after discussing the clauses with your landlord/tenant. There are certain clauses that should never be omitted in a rental agreement, which will be discussed later in the article.
What the sales contract creates is a right for the buyer to buy the property in question under certain conditions. Likewise, the seller obtains the right to obtain the consideration of the buyer if his part of the general conditions of sale is respected. Signing a sales contract becomes important given several factors. First, it is legal proof of the conclusion of an agreement between the buyer and the seller on the basis of which, in the event of a dispute, the future action will be decided. Even if you apply for a home loan, the bank would not accept your application until you sign a sales contract. Remember here that both parties must comply with the conditions set out in the sales contract. Any party that fails to comply with any of the conditions set out in the agreement may be brought before the courts if the other party so wishes. All parties concerned should also ensure that this document can be invoked as legal evidence before the courts of the law and that all those who have agreed to comply with the conditions are legally bound by it. A contract of sale is a contract for the sale of real estate in the future. This agreement defines the conditions under which the property is transferred. `Any contract of sale (agreement of sale) which is not a registered deed of assignment (deed of sale) would not satisfy the requirements of sections 54 and 55 of the Transfer of Ownership Act and would not confer title or interest in immovable property (with the exception of the limited right granted under section 53A of the Transfer of Ownership Act).` A contract of sale is a promise in the future that the property will be transferred to the rightful owner, while the deed of sale is the actual transfer of ownership to the buyer….