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What are the rights and liabilities of buyer and seller in sale of immovable property?

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What are the rights and liabilities of buyer and seller in sale of immovable property?
posted Jun 19, 2017 by Niharika Singh

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RIGHTS AND LIABILITIES OF BUYER AND SELLER
The rights and liabilities of buyer and seller which can be modified by the parties
to a contract by mutual consent and contract to the contrary of these provisions. The seller under Sub-section (1) is bound to
(a) disclose to the buyer any material defect in the property or in his title to such property,
(b) to give title documents to buyer for investigation of sellers titles to the property under transaction of sale,
(c) to answer the question put to him by the buyer and provide all necessary information to him in regard to the property,
(d) to execute the conveyance document on payment of consideration money in favour of the buyer,
(e) pay all public dues on the property till the date of conveyance and take due care as a man of ordinary prudence to protect the title of the property till it is passed on to the genuine buyer.

The buyer is also duty bound under the provisions of the Act to do the following things
(a) to disclose to seller the interest of the seller in the property of which he is aware and believes that the seller is not aware and this information is likely to affect the price of the property,
(b) to pay or tender the purchase money to the seller or such person as he directs,
(c) where the ownership of property has passed to buyer he has to bear the full responsibility including any loss to the property etc., (d) to pay public dues from the date of transfer of ownership of the property.

Besides the above noted duties or obligations of the buyer and seller as covered under the provisions of the Act,
there are certain rights and entitlements also. For example, the seller is entitled to following benefits:
(a) to the rents and profits of the property till the ownership thereof passes to the buyer;
(b) where the property has passed to the buyer before payment of the whole of the purchase moneys the
seller is entitled to a charge upon the property in the hands of the buyer. He is also entitled for the
interest on the amount of unpaid consideration money for the property.

Similarly, the buyer is also entitled to the following benefits viz.,
(a) where the ownership of the property has passed to him, to the benefit of any improvement in it which may be in any shape of increase in value of the property or its rent or profit;
(b) he is entitled to charge upon the property to the extent of entitlement etc

answer Jun 20, 2017 by Ritika Sharma
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