Business: Sale Of Property.
Sale is transferring of property by a seller to the buyer at a price. There is absolute transfer of all rights in the property sold. The seller must be competent to transfer the property.
Modes Of Sale:
a) In Case Of Tangible Property:
A Sale of Tangible immovable property such as house building can be made by a registered instrument if its value is more than hundred or by the delivery of the property if its value is less than hundred.
b) In Case Of Intangible Property:
A sale of intangible immoveable property such as mortgage deed or any other right can be made by a registered instrument.
Contract Of Sale:
A contract for the sale of immoveable property is a contract that a sale of such property shall take place on terms settled between the parties. It does not itself create any interest in or charge on such property.
Essentials Of Sale:
The seller and buyer are parties of sale.
2) Subject Matter:
The subject matter of a sale is immoveable property.
Price is the Consideration of the sale which is settled between the properties.
The sale does not become complete unless the seller actually an act having an effect in law transferring the rights of seller in the property to the buyer.
Rights Of Seller:
a) Rent And Profit:
The seller is entitled to the rents and profits of the property till the ownership passes to the buyer.
b) Charge Of Property:
Where the ownership of the property has passed to the buyer before the payment of the whole of the purchase money, to a charge upon the property in the hands of the buyer any transferee without consideration or any transferee with notice of non-payment for the amount of purchase many or any part of remaining unpaid, and for interest on such amount or part unpaid and for interest on such amount or part from the date on which possession has been delivered.
Liabilities Of Seller:
a) Disclose Any Defect In Property
b) Production Of Document Of Title
c) Answer The Question Of Buyer
d) Registration Of Sale Deed
e) Care Of Property And Document
f) Delivery Of Possession
g) Payment Of All Charges
h) Delivery Of Document
Rights Of Buyer:
a) Rights Of Improvement Of Property And Profit
b) benefit Of Seller
Liabilities Of Buyer
a) Disclose Any Fact About Property
b) Payment Of Price
c) Bear Loss
d) Payment Of Public Charges
The seller And Buyer shall be subject to the rights and liable enumerated in transfer of property Act 1882.