The deed of sale is the most important legal document by which a seller transfers his right of ownership to the buyer who then acquires absolute ownership of the property. A contract of sale, also known as a contract for the sale of goods, is a written document between a buyer who wishes to purchase goods and a seller who owns and wishes to sell those goods. In general, goods are something you can use or consume that is mobile at the time of sale, including watches, clothing, books, toys, furniture and cars. 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. The Transfer of Property Act 1882, which governs matters relating to the sale and transfer of immovable property, defines a contract of sale or a contract of sale as follows: this absolute rule is subject to the exception provided for in section 53A of the Transfer of Ownership Act. Section 53A provides that, where the buyer has acquired ownership of the property, the property is the subject of the transfer, while fully fulfilling its part of the contract obligation, the seller is not entitled to disturb the ownership so granted to the buyer. It should be noted that Article 53A offers the proposed buyer protection against the contemptuous and pours out the contemptuous of the buyer`s troublesome property, but it does not heal the buyer`s ownership of the property. Ownership of the property remains in the hands of the seller. Explicit warranties: An explicit warranty is a confirmation statement by the seller about the quality and characteristics of the goods. An example of an express warranty is an electronics dispenser that tells a customer, “We guarantee your newly purchased TV against defects for three years. If you draw our attention to a defect, we will replace or repair it. However, an explicit warranty can be established even if the seller does not intend to create one.
If the sales contract contains a description of the goods on which the buyer relies when purchasing, an explicit guarantee is made that the goods correspond to this description. When the seller makes available to the buyer a model of the goods, an explicit guarantee is made that the goods conform to the model. A written agreement allows both the seller and the buyer to clearly indicate which explicit warranties may apply to the goods. Of course, a sales contract is often used for seller financing when the seller lends money to the buyer to pay for the house. This type of transaction can occur if the buyer cannot qualify for a traditional mortgage….