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<p class="banner-heading-text-two-line"><span>What is a Sale and Sale Deed as per TOPA?</span><br><span class="banner-sub-heading">Sale Deed</span></p>
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<p><span class="padded-dropcap">S</span>ection 54 of TOPA, defines ‘sale’ to mean the transfer of ownership of immovable property in exchange for a price, which may be paid immediately, promised to be paid later, or partly paid and partly promised to be paid later. The law distinguishes between a complete sale and a contract for sale.</p>
<p>Section 54 of TOPA specifies that for tangible immovable property valued at ₹100 or more, or for intangible rights such as reversions, the law mandates that the transfer can only occur through a registered instrument under theRegistration Act, 1908(‘<strong>Registration Act</strong>’). For tangible immovable property valued at less than ₹100, the transfer may be made either through a registered instrument or by delivery of the property. Delivery of tangible property occurs when the seller places the buyer, or a person authorised by the buyer, in physical possession of the property. Section 54 also emphasises that a contract for sale is only preparatory in nature and does not confer ownership until the final sale deed is executed and registered. It states that a contract for the sale of immoveable property is a contract that a sale of such property shall take place on terms settled between the parties. It does not, of itself, create any interest in or charge on such property.</p>
<p>Thus, the essential elements of sale as per Section 54 of TOPA is:</p>
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<li>Tangible immovable property;</li>
<li>Intangible rights such as reversions;</li>
<li>There needs to be a price for the property. The price can be paid immediately or at a future date;</li>
<li>Above a certain value the instrument for sale needs to be registered and transfer below certain amount may be made either by a registered instrument or by delivery of the property;</li>
<li>There needs to be contract for the sale of the immovable property.</li>
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