Transferring of the real estate property is not an easy job to do. It involves various central and state laws. One of the laws related to the property transfer is Transfer of property act in India. Under this law, there are various rights and responsibilities are mentioned.
Rights of the property buyers –
- After transferring the ownership from the seller to buyer, the buyer will get the benefit of any increase or improvement in the value of the property. The seller has no right on the property after the sale.
- On purchase of a property, the buyer has the right to the proper delivery of the title and possession of the property. Further, unless the seller improperly declined to accept delivery of the property, the buyer has a charge on the property and on the seller for any money paid in anticipation of the delivery of the property. Further, in case of failure of the seller to deliver the property, the buyer also has the right to obtain reimbursement for the earnest and for the costs awarded to him in a court to compel specific performance of the contract.
Responsibilities of the property buyers –
- The buyer has the responsibility to disclose any fact which is related to the property and which is of seller’s interest. Whereas, the buyer believes that the seller is unknown to it.
For example – A buyer is buying a land from a
farmer, where the buyer get to know that there are some minerals deposit under
land of substantial value.
- It is the responsibility of the buyer to the seller at the time and place of transaction completing. Whereas, if there is a case of any encumbrances on the property then the buyer may retain the value equal to the encumbrance and handed over the amount to the person entitled.
- Once the ownership of the property is passed on then the buyer has to bear all the losses which may occur in the property.
- Once the ownership is transferred to the buyer, then the buyer has to pay all the charges like rent, an encumbrance on the property or any other liability.
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