The transfer of property Act 1882 deals with the various kinds of
transfer of immovable property, like sale, mortgage, lease, exchange etc.
Section55 of the acts refers to the rights and obligations of the seller and
purchaser of immovable property.
1. To disclose any material defect in the property of sellers and
title to the buyer.
2. To produce the documents of title for the verifications of the
buyer on his request.
3. To answer all relevant questions of the buyer
4. To execute proper conveyance deed on full payment of the
consideration.
5. To take care of the property and the documents in the period
between agreement to sell and handing over the possession of the property
6. To give possession of the property
7. To pay all taxes, charges, rents up to date and discharge any
encumbrance on property.
1. To receive the rents and profits of the property till the
ownership passes on to the purchaser.
2. The ownership has passed on to the purchaser before payment of
full consideration; the seller will have a charge on the property for the
amount of purchase money and interest on such amounts.
1. To inform the seller any fact this may increase the value.
2. To pay the consideration amount to the seller as agreed where
the ownership has passed on to the purchaser, to bear the loss on account of
destruction, inflery or decrease in the value of the property not caused by
seller.
3. To pay all taxes, charges, rents etc. where the ownership has
passed.
4. The purchaser may retain the amount of any un-cleared
encumbrance, out of consideration amount payable.
Where the ownership has passed on to the purchaser any benefit of
any improvement increase in the value of the property, rents, profits. A charge
on the property as against seller and all persons claiming under him for the
amounts paid by the purchaser with interest.
The above referred rights and obligations of both the seller and
purchaser are binding on both. But the section 55 of transfer of property Act
provides an exemption. If the parties to the deal have any contract contrary to
the rights and obligations as envisaged in the act the contracted obligations
and rights revail, to that extent. The obligations and rights have relevance
only where there is a valid binding contract of sale between the parties.
In case, the purchaser of property declines to accept the
possession of the property, he has charge on the property with regard to
earnest money paid and any costs awarded to him of a suit.
The rights of the purchaser are subject to certain limitations.
These rights are applicable as long as the matter is in the stage of agreement
and when the deal is finalized, conveyance deed is executed; the deal will come
to an end. But the case is different where the conveyance is brought on account
of fraud practiced by the vendor.
It is also necessary that the purchaser shall avail himself of
knowledge or means of knowledge open to him or his agents to verify the
credentials of the vendor, his interest, and title to the property. He has to
exercise due care and diligence by exercising reasonable care and then only the
purchaser can claim the protection of law for any mischief played on him.
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