Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
There are a few different ways the certificate of sale can be defined in the industry. It is very important that you find the right definition for the same, since a sales certificate is most commonly confused with a sales deed.
A sale certificate is basically a legal document that is issued by a lender appointed Authorised Officer which is later given to the buyer after they purchase a foreclose property in an auction. You should always register your sale certificate with the Sub Registrar’s Office, for which you might have to pay a registration fee. Only after that will the document be considered by the court of law.
There are many uses of issuing a certificate of sale for a particular property. However, more than the defaulter, these benefits and uses are enjoyed by the lender. Some of the most notable uses of certificate of sale include:
1. If a particular property which is mortgaged has not been paid for more than three consecutive months, the property renders useless in the eyes of the lender. With a certificate of sale, they can make use of the property to get back the money they had lent to the defaulter.
2. Without the tenant moving out of the house, the lender cannot do anything, even if the mortgage is not paid. However, with a certificate of sale, they can ensure that the property is sold legally to a new buyer and the tenant has to move out.
