धारा 12

An agreement to sell immovable property is a contract whereby the seller agrees to transfer the property to the buyer for a price. The agreement must be in writing and registered. The property must be identified and the price must be agreed upon. The agreement can be oral, but it must be registered within a specified period. The agreement can be rescinded if the property is not transferred within the specified period. The agreement can also be rescinded if the buyer fails to pay the price within the specified period. The agreement can be assigned by the buyer to another person, but the assignment must be in writing and registered. The agreement can be novated by the buyer to another person, but the novation must be in writing and registered.