If the sale contains a reversion or another intangible object, or if the tangible immovable property has a value of $100 or more, a registered document must be used. Delivery of possession may be utilized when selling tangible immovable property with a price of less than Rs. 100.
Delivery of tangible immovable property is deemed complete when the seller transfers ownership of the property to the buyer or another person at the buyer's request. The terms under which the sale of the subject property will take place are laid forth in a contract for the sale of real estate. It does not, in of itself, represent a charge or an interest in such property.
Essential Conditions:
The transferring party and the transferred party are the two parties involved in the sale. The person selling their property is known as the transferor, and the buyer is known as the transferee. An agreement between the buyer and the seller must serve as the foundation of a sale contract. To be eligible to transfer the property, the transferor, also known as the seller, must be a natural person, a major, of sound mind, and unencumbered by any legal constraints. Despite being the property's owner, the person must be a minor or unable to manage their own affairs.
The only form of consideration that qualifies as a sale is CASH.
Only movable property, as described by Section 54 of the Act, may be the subject of the sale; otherwise, it is not a sale. An immobile object can be tangible or intangible. Since they cannot be touched, intangible property includes things like rights of way and fishing. Anything tangible is something that can be touched.
Duties of Seller before Sale:
Any material defect in the property that the buyer is not already aware of and that is not immediately evident must be disclosed by the seller to them.
Any documentation that the seller is in possession of or is authorized to produce in response to a request from the buyer will be provided.
Between the completion of the sales contract and the delivery of possession, the seller is required to treat the real estate and any pertinent title documents in his possession with the same level of care that a sensible owner would.
Up until the day of the sale, the seller is responsible for paying all fees, rent, obligations, and taxes.
Duties of seller after sale:
After the sale is complete, the seller must give the buyer ownership of the property. The Seller must, upon the Buyer's request, provide title to the Property to the Buyer or to such other person as Buyer may designate.
It will be presumed that the seller and the buyer have a written agreement stating that the interest the seller claims to be transferring to the buyer is legitimate and real.
Duties of Buyer:
The buyer is required by Section 55(5)(a) of the Act to disclose to the seller "any fact as to the nature or extent of the seller's interest in the property as the buyer is aware, but of which the buyer has reason to believe the seller is unaware, and which materially increases the value of such interest."
Under Section 55(5), Buyer shall pay Seller the price of a Property (b).
Seller’s Rights before Sale:
The seller has the authority to place a lien or other charges on the property if any payments are not made by the due date. Even if the price is not yet past due, the seller has the right to recoup unpaid purchase money from and out of the property in accordance with Section 55(4)(b). The seller cannot refuse to give the buyer possession or claim ownership back after the buyer has already received it.
Buyer’s right:
A lien was put on the property, not for the delivery, but for the purchase price which he had legally paid in advance. Interest is charged on such purchases.
In case you have sold your property to a criminal by mistake, you should seek advice from criminal. The lawyer would be able to give you proper advice. If the property has been sold in Chennai then Rera Lawyers In Chennai can be consulted. Likewise, Top Criminal Lawyers In Delhi can be searched if you are living in Delhi. Property Lawyers In Mumbai
can be consulted if the property is situated in Mumbai.
For seeking advice you can also contact advocates at Lead India. Here, you can talk to a lawyer, ask a legal question and even seek free legal advice online. We have experienced lawyers.
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