The Transfer of Property Act 1882 deals with numerous forms of transfer of immovable property, that interalia includes sale, mortgage, lease, exchange. In sale of AN immovable property there ar usually 2 parties to the group action i.e. the Seller/Vendor and therefore the Buyer/Purchaser. Section fifty five of the Act refers to the rights ANd obligations of the vendor and vendee of an immovable property.
The obligations of the vendor ar
1. To disclose all material defects within the property and therefore the title to the client.
2. to supply the documents of title for the verifications of the client on his request.
3. To answer all relevant queries of the client.
4. To execute correct conveyance deed on full payment of thought.
5. to require care of the property and therefore the documents throughout the amount between the agreement to sell and turning in possession of the property when execution and registration of Deed of Sale.
6. to offer possession of the property.
7. To pay all taxes, charges, rents upto date and discharge any encumbrance on property before the conveyance of the property.
Rights of the vendor
1. To receive rents and profits of the property until its possession completely passes on to the vendee.
2. wherever 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 client are:
1. to tell the vendor any reality which can increase the worth.
2. To pay thought quantity to the vendor as in agreement to.
3. Wherever the possession is passed on to the vendee, in reality the loss on account of destruction, or decrease within the worth of the property not caused by the vendor.
4. To pay all taxes, charges, rents etc. wherever the possession is passed on to him.
5. The vendee might retain the number of any un-cleared encumbrance, out of thought quantity owed.
The vendee is entitled to the subsequent rights:
1. wherever the possession is passed on to the vendee the good thing about any improvement, increase within the worth of the property, rents, profits.
2. A charge on the property as against vender and every one alternative persons claiming beneath him for the amounts paid by the vendee at the side of interest.
The on top of referred rights and obligations of each the vendor and vendee ar binding on each. But, section fifty five 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 shrunk obligations and rights prevail thereto extent.
The obligations and rights have connection solely wherever there's a legitimate binding contract of sale between the parties.
In case the vendee of property declines to just accept possession of the property, he has charge on the property with relevancy earnest paid and any prices awarded to him during a suit.
The rights of the vendee ar subject to bound limitations. These rights ar 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 AN finish.
But the case is completely different wherever the conveyance is brought on account of fraud practiced by the seller.
It is conjointly necessary that the vendee shall avail himself of information or suggests that of information receptive him or his agents to verify the credentials of the seller, his interest, title to the property. He needs to exercise tutelage and diligence by physical exertion guardianship so solely the vendee will claim the protection of law for any mischief contend on him.
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