A sale can only be done using a registered instrument if the value of the tangible immovable property is Rs. 100 or more, or if it involves a reversion or another intangible item. When selling tangible immovable property with a value of less than Rs. 100, delivery of possession may be used.
When the seller transfers ownership of a property to the buyer or another person at the buyer's direction, delivery of tangible immovable property is considered to be complete. 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 in no way constitutes a charge or an interest in such property in and of itself.
Elements:
There are two parties involved in the sale: transferring party and the transferred party. The seller who sells his property is referred to as the transferor, while the purchaser is referred to as the transferee. A sale contract must be based on an understanding between the buyer and the seller. The transferor, also known as the seller, must be a natural person, a major, of sound mind, and free
from any legal restrictions in order to be able to transfer the property. Despite being the owner of the property, a minor or a person incapable to make decisions about their own affairs.
To be a sale, the consideration must only be in MONEY. It is not a sale if it is in exchange for another thing.
Only movable property, as defined by Section 54 of the Act, may be the subject of the sale. An immovable object may be physical or abstract. A right of fishery, a right of way, etc., are examples of intangible property since they cannot be touched. Tangible property is one that can be touched.
Duties:
Duties of Seller Before Sale: The seller is required to inform the buyer of any significant flaws in the property that they are not already aware of and are not readily apparent.
If the buyer requests any documentation that the seller is in possession of or has the authority to produce, the seller is required to do so.
The seller shall regard the real estate and any relevant title documents in his possession between the execution of the contract of sale and the delivery of the possession with the same degree of care as a prudent owner would.
The Seller shall pay all charges, rent, obligations, and taxes up to the date of Sale.
Duties of the seller after the sale: The seller must transfer ownership to the buyer after the sale is complete. When requested, the seller is obligated to transfer ownership of the property to the buyer or another person at his direction.
It will be assumed that the seller and the buyer have signed a contract declaring that the seller is authorized to transfer the interest he claims to be transferred to the buyer and that it exists.
When the buyer has fully completed the purchase price, the seller must deliver to the buyer all title documents to the property that is in their possession or under their control.
Duties of Buyer: According to Section 55(5)(a) of the Act, "the buyer is bound to disclose to the seller any fact as to the nature or extent of the seller's interest in the property of which the buyer is aware, but of which he has reason to believe the seller is unaware, and which materially increases the value of such interest."
Buyer is obligated to pay Seller the price of a property under Section 55(5)(b).
Rights:
Seller’s Rights before Sale: If any payment is unpaid by the seller, the seller has the right to a lien or charges against the property. In accordance with Section 55(4)(b), the seller has the right to collect unpaid purchase money from and out of the property even if the price is yet overdue. The seller cannot refuse to hand over possession to the buyer or take ownership back if it has already been handed to the buyer.
Buyer’s right: a lien placed on the property for the purchase price that was rightfully paid by him in advance—not for the delivery. On such purchasing money, interest.
In case you have to sell your property to criminals it is advisable to seek advice from a lawyer. Lawyers In Delhi can give advice if you live in Delhi. If the person lives in Mumbai then Lawyers In Mumbai can also be approached.
You can also Talk To A Lawyer in Lead India. You can ask a legal question to the experienced lawyer here. You can also seek free legal advice here.
Visit Us: - https://www.leadindia.law
Call Us: - +91-8800788535
Email: care@leadindia.law
Facebook: - https://www.facebook.com/leadindialaw
LinkedIn: - https://www.linkedin.com/company/76353439
Twitter: - https://twitter.com/leadindialaw
Pinterest: - https://in.pinterest.com/lawleadindia
Instagram: -https://www.instagram.com/leadindialawofficial
Comments