Introduction

A sale agreement is a legal document which is made between the parties to an agreement of sale of any property. This agreement is essential for creating legal obligations on the parties to perform their duties as prescribed under the sale agreement.

Contents of the Sale Agreement

The sale agreement includes information which is essential to the sale of the property, such as the name of both the parties, description of the property which includes all kinds of information regarding the property, date of transfer of possession and ownership, the agreed price , etc. These descriptions and information are mentioned to build a consensus among the parties, that they are aware of every fact of the agreement in the same sense.

Provision

There are certain acts which deal with sale of property in the Indian Legal System. The sale of movable property is governed by the Sale of Goods Act, 1930 whereas the sale of immovable property is dealt by the Transfer of Property Act, 1882. In case of immovable property Section 54 of the Transfer of property act states that if there is a sale of any immovable property which has worth more than one hundred rupees, then it has to be registered. Hence these provisions guide the sale agreement and its enforceability.

Limitations to a Sale Agreement

If the terms of the agreement are breached or there is a default in the performance then the limitation period will be governed by the Limitation Act, 1963. The limitation act enshrines the provisions as; if there is a suit to be filed for recovery of the advance paid for an agreement, the limitation period for filing of such suit is three years. Further for a suit to be filed for specific performance, the limitation period for filing the suit is 3 years from the date of performance and if the date of performance is not mentioned then the limitation period will be three years from the neglecting of the performance.

Conclusion 

Hence, it can be concluded that a sale agreement is a legally binding document which contains all the information regarding sale of any property. This agreement constitutes legal obligations on the parties to the agreement, which can be enforced through different authorized legal provisions. 

In India it is considered with importance, for which the stringent framework to ensure that the process is ethical, transparent and maintain the protection of each people’s well-fare. Also the Online Legal Query here has participated to help the aggrieved through the experienced senior advocates and legal team to be able to guide in the proper path to meet with their ultimate fairness.

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