When a buyer lends money to a bank as a means of paying for the property, this information is recorded in the OTP. The loan is registered at the same time as the transfer of the property in the buyer`s name. This section provides that the OTP is suspensive until the bank approves the loan application, which means that the contract will not come into effect until the buyer is approved for the necessary financing. If this is not the case and the buyer is not eligible for the necessary loan, the OTP is non-applicable. 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. This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act. Section 53A provides that the seller has no right to disturb the purchaser`s possession if the purchaser has entered into possession of the property that is the subject of the transfer, while fully acquiring its portion of the contractual obligation. It should be noted that Section 53A provides the proposed purchaser with a shield against the seller and prevents the seller from disrupting the purchaser`s property, but it does not cured the buyer`s property. The property`s ownership remains in the hands of the seller. The Supreme Court of India in 2012, in the case of Suraj Lamp – Industries (P) Ltd (2) v.
Haryana State, while examining the validity of the sale of real estate by proxy, did as well: A quantity was written on the formalities of the contracts for the sale of real estate. The Land Alienation Act stipulates that no alienation of the land may be of any force or effect, unless it appears in a letter of alienation signed by the parties or by their agents acting on their written authority. Contracts for the sale of real estate are therefore one of the few contracts to be retained in writing. What the sales contract creates is the buyer`s right to acquire the property in question in 1996, 1996. Similarly, the seller obtains the right to obtain the buyer`s consideration in accordance with his part of the terms and conditions. In addition to these three essential elements, the OTP generally contains a number of other sections that facilitate the smooth transfer of the property and, although not an exhaustive list, these are important aspects: this clause will determine when the buyer will go. This is important when you consider that the buyer only becomes owner on the day the transfer is registered. If the buyer withdraws before registration, the seller, as an existing owner, must pay compensation in the form of an operating rent. The same principle applies when the seller remains in the property after the transfer is registered. Obesity in the same is negotiated as regards payment and interest are recorded in both registered and conclusive real estate and buyers with respect to section 2 of the Alienation Act (no