When it comes to the legality of the property, there are several aspects to it that should be addressed at the time of buying a property. There are several key documents of the property that must be obtained from the seller, without which your purchase will not be deemed legal. Such documents include Letter of allotment, Sale deed, Sanctioned plan, Society documents, encumbrance certificate, Sale agreement and more.

The sales agreement, for instance, is a very important document in the process of sale or purchase of property as it spells out the terms and conditions under which the seller is selling the property, and also the terms and conditions under which the buyer is purchasing it. This agreement facilitates swift and quick culmination of transactions without any disputes. This agreement also covers the conditions through which the parties give consent to perform certain acts. The sale agreement legally compels the seller and the buyer to the terms and conditions.
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The old English proverb, "Precaution is better than cure", which would be most appropriate when buying an immovable property. Although there are several laws in place that protect a purchaser of property, one must do due diligence before buying property.

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What is a purchase agreement?

It is a legal document that chalks out the terms and conditions associated with a particular transaction, and both the parties involved agree to meet and fulfil these.

It's a binding contract, and if any party fails to fulfil his part of the commitment, it automatically gives the other the right to term the contract null and void. The purchase agreement includes vital details about the property, as well as information concerning the seller, such as his office/residential address, PAN card and bank account details.

Among other things, the seller must confirm the authenticity of the title document and ownership transfer, and state clearly that the process of handing over the property is legal and has been duly attested.

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