The Transfer
of Property Act 1882 deals with varied sorts of transfer of unmovable property,
that interalia includes sale, mortgage, lease,
exchange. In sale of an immovable property there are typically 2 parties to the
dealings i.e. the Seller/Vendor and therefore the Buyer/Purchaser.Section55 of
the Act refers to the rights and obligations of the vendor and vendee of an
unmovable property.
The obligations of the vendor are:
1.To
disclose all material defects within the property and therefore the title to
the customer.
2.To produce
the documents of title for the verifications of the customer on his request.
3.To answer
all relevant queries of the customer.
4.To execute
correct conveyance deed on full payment of thought.
5.To take
care of the property and therefore the documents throughout the amount between
the agreement to sell and returning possession of the property when execution
and registration of Deed of Sale.
6.To give
possession of the property.
7.To pay all
taxes, charges, rents up to now and discharge any encumbrance on property
before the conveyance of the property.
Rights of the seller:
1.To receive
rents and profits of the property until its possession completely passes on to
the vendee.
2.Where the
possession has passed on to the vendee before payment of full sale thought, the vendor can have a charge on the property for the number of purchase cash and
interest on such amounts.
The obligations of the customer are:
1.To inform
the vendor any truth this might increase the worth.
2.To pay
thought quantity to the vendor as in agreement to.
3.Where the
possession is passed on to the vendee, involved the loss on account of
destruction, or decrease within the price of the property not caused by the
vendor.
4.To pay all
taxes, charges, rents etc.where the possession is passed on to him.
5.The vendee
could retain the number of any uncleared encumbrance, out of thought quantity
owed.
The vendee is entitled to the
subsequent rights:
1.Where the
possession is passed on to the vendee the good thing about any improvement,
increase within the price of the property, rents, profits.
2.A charge
on the property as against vender and every one alternative persons claiming
below him for the amounts paid by the vendee beside interest.
The higher
than referred rights and obligations of each the vendor and vendee area unit
binding on each. But, section55 of Transfer of Property Act provides an
exception. If the parties to the deal have any contract contrary to the rights
and obligations as envisaged within the Act, the shrunken obligations and
rights prevail to it extent.
The
obligations and rights have relevance solely
wherever there's a legitimate binding contract of sale between the parties. Just
in case the vendee of property declines to just accept possession of the
property, he has charge on the property with relevance earnest paid and any
prices awarded to him in an exceedingly suit.
The rights
of the vendee area unit subject to sure limitations.These rights area unit
applicable as long because the matter is within the stage of agreement and once
the deal is finalized, conveyance deed is executed; the deal can come back to finish.
However the case is completely different wherever the conveyance is brought on
account of fraud practiced by the seller.
It is
additionally necessary that the vendee shall avail himself of data or means
that of data hospitable him or his agents to verify the credentials of the
seller, his interest, and title to the property. He should exercise charge and
diligence by workout due care and so solely the vendee claim the protection of law for any mischief played on him.
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