Section 55 of Transfer of Property Act 1882 states the Duties, Rights and Liabilities of Buyer and Seller. Let me share the detailed insights with you here. I hope it will make you aware of your rights and responsibilities as a buyer or seller. Please do give it a thumbs up and share this knowledge with your friends.
Looking to buy or sell your property? Make it happen here. Post free property ad on NoBroker If you need any legal assistance to scrutinise property documents, just fill your details here and NoBroker expert lawyers will connect with youRights and liabilities of seller:
The seller must disclose any material defect in the property or in the seller’s title.
The seller has to contract with the buyers that they enjoy full rights over the property which they intend to transfer to the buyer, and that they have the authority to transfer the same to the buyer.
The seller is supposed to produce all documents of title to the buyer relating to the property and to answer all the relevant questions in respect of property and the title.
The seller should execute a proper conveyance of the property on payment of the due amount at a proper time and place which generally is the sub-registrar’s office.
The seller is supposed to pay all the public charges, rents, taxes, in respect of the property up to the date of sale.
The seller should deliver all the documents of title relating to the property after receipt of the price or as agreed to the buyer.
Section 55 (5) (a) to (d) of “Transfer of Property Act, 1882” impose certain duties upon the buyer, while Section 55 (6) (a) and (b) of the “Transfer of Property Act, 1882”, entitles the buyer to certain rights. They are:
Duties:Where the buyer is aware of the seller’s interest in the property of which the seller himself is not aware, then the buyer must disclose it to the seller.
To pay or tender the purchase price, to the seller or his authorized agent, at the time and place of completing the sale.
To bear any loss arising from the destruction, injury or decrease in value of the property after ownership of the property has passed to the buyer and such destruction / injury is not caused by the seller.
To the benefit of improvement or increase in value of the property where the ownership of the property has passed to him.
Where two properties are subject to a common charge and one of the properties is sold, the buyer is entitled to get the charge satisfied out of the other property without affecting the property purchased by him.
To compel the seller for specific performance of the contract to the extent of the seller’s interest in the property, where he has paid the purchase price
I hope you have better clarity of
rights and liabilities of buyer and seller under section 55 of Transfer of Property Act.
Read more:
What are the rights of mortgagee
What is exchange under Transfer of Property Act
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
What are the rights and liabilities of buyer and seller?
Rakshit
4208 Views
1
3 Year
2022-08-26T10:49:02+00:00 2022-08-26T11:27:02+00:00Comment
Share