I Sold My Residential Property To A Criminal What To Do
A sale can only be done using a
registered instrument if the value of the tangible immovable property is Rs.
100 or more, or if it involves a reversion or another intangible item. When
selling tangible immovable property with a value of less than Rs. 100, delivery
of possession may be used.
When the seller transfers ownership of
a property to the buyer or another person at the buyer's direction, delivery of
tangible immovable property is considered to be complete. The terms under which
the sale of the subject property will take place are laid forth in a contract
for the sale of real estate. It in no way constitutes a charge or an interest
in such property in and of itself.
- There are two parties involved in the sale: transferring party and the transferred party. The seller who sells his property is referred to as the transferor, while the purchaser is referred to as the transferee. A sale contract must be based on an understanding between the buyer and the seller. The transferor, also known as the seller, must be a natural person, a major, of sound mind, and free from any legal restrictions in order to be able to transfer the property. Despite being the owner of the property, a minor or a person incapable to make decisions about their own affairs.
- To be a sale, the consideration must only be in MONEY. It is not a sale if it is in exchange for another thing.
- Only movable property, as defined by Section 54 of the Act, may be the subject of the sale. An immovable object may be physical or abstract. A right of fishery, a right of way, etc., are examples of intangible property since they cannot be touched. Tangible property is one that can be touched.
Duties:
Duties of Seller Before Sale: The seller is required to inform the buyer of any
significant flaws in the property that they are not already aware of and are
not readily apparent.
If the buyer requests any documentation
that the seller is in possession of or has the authority to produce, the seller
is required to do so.
The seller shall regard the real estate
and any relevant title documents in his possession between the execution of the
contract of sale and the delivery of the possession with the same degree of
care as a prudent owner would.
The Seller shall pay all charges, rent,
obligations, and taxes up to the date of Sale.
Duties of the seller after the sale:
The seller must transfer ownership to the buyer after the sale is complete.
When requested, the seller is obligated to transfer ownership of the property
to the buyer or another person at his direction.
It will be assumed that the seller and
the buyer have signed a contract declaring that the seller is authorized to
transfer the interest he claims to be transferred to the buyer and that it
exists.
When the buyer has fully completed the
purchase price, the seller must deliver to the buyer all title documents to the
property that is in their possession or under their control.
Duties of Buyer:
According to Section 55(5)(a) of the Act, "the buyer is bound to disclose
to the seller any fact as to the nature or extent of the seller's interest in
the property of which the buyer is aware, but of which he has reason to believe
the seller is unaware, and which materially increases the value of such
interest."
Buyer is obligated to pay Seller the
price of a property under Section 55(5)(b).
Rights:
Seller’s Rights before Sale: If any payment is unpaid by the seller, the seller has the
right to a lien or charges against the property. In accordance with Section
55(4)(b), the seller has the right to collect unpaid purchase money from and out
of the property even if the price is yet overdue. The seller cannot refuse to
hand over possession to the buyer or take ownership back if it has already been
handed to the buyer.
Buyer’s right: a lien
placed on the property for the purchase price that was rightfully paid by him
in advance—not for the delivery. On such purchasing money, interest.
In case you have to sell your property
to criminals it is advisable to seek advice from a lawyer. Lawyers In Delhi can
give advice if you live in Delhi. If the person lives in Mumbai then Lawyers In Mumbai
can also be approached.
You can also Talk To A Lawyer
in Lead India. You can ask a legal question to the experienced lawyer here. You
can also seek free legal advice here.
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