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Thread: Q. Define sale. how is it made?

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    Word Icon 35px Jpg.ashx Q. Define sale. how is it made?

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    Q. Define sale. how is it made? discuss in detail giving the rights and liabilities of the vendor and the vendee. (1998)
    Q. Discuss the rights and liabilities of a sellor. (1999) (2000)
    Q. What is sale. how is it made and what are the rights of a buyer in a contract of sale. (2002)
    Q. What is sale? discuss the rights of sellor. (2005)
    1. Introduction:

    Sale is transferring of property by a sellor too the buyer at a price. there is absolute transfer of all rights in the property sold. the seller must be competent to transfer the property.
    2. Relevant provisions:
    Sec. 55 transfer of property act.
    3. Definition of sale:
    "Sale is a transfer of ownership is exchange for a price paid or promised or part paid and part promised."
    4. Sale how made:
    Modes
    In case of Tangible property

    A sale of tangible immovable property such as house building can be made.
    (a) By a registered instrument if its value is Rs. 100/= or upwards.
    (b) By the delivery of the property if its value is less than 100/=
    In case of intangible property
    A sale of intangible immoveable property such as mortgage deed or any other right can be made by a registered instrument.
    5. Contract of sale:
    A contract for the sale of immoveable property is a contract that a sale of such property shall take place on terms settled between the parties. it does not itself create any interest in our charge on such property.
    Case law
    1996 CLC 1758.
    It was held agreement to sell does not create any right, title or interest in immoveable property in question.
    6. Essentials of sale:
    I. Parties:

    The sellor and buyer are parties of sale.
    II. Subject matter:
    The subject matter of a sale is immovable property.
    III. Consideration:
    Price is the consideration of the sale which is settled between the parties.
    IV. Transfer:
    The sale does not become complete unless the sellor actually does an act having an effect in law transferring the rights of sellor in the property to the buyer.
    7. Rights of a sellor:
    (i) Rent and profit:

    The sellor is entitled to the rents and profits of the property till the ownership there passes to the buyer.
    (ii) Charge, on property:
    Where the ownership of the property has passed to the buyer before the payment of the whole of the purchase money, to a charge upon the property in the hands of the buyer any transferee without consideration or any transferee with notice of non-payment for the amount of purchase many or any part of remaining unpaid, and for interest on such amount or part unpaid and for interest on such amount or part from the date on which possession has been delivered.
    8. Liabilities of sellor:
    (i) Disclose any defect in property:

    It is liability of sellor to disclose any material defect in the property or in the sellor's title thereto of which the sellor is and the buyer is not aware and which the buyer could not ordinary case discover.
    (ii) Production of document of title:
    To produce the buyer on his request for examination all documents of title relating to the property which are in sellor's possession or power.
    (iii) Answer the question:
    To answer to the best of his information all relevant questions put to him by the buyer in respect to the property or the title thereto.
    (iv) Registration of sale deed:
    On payment or tendor of the amount due in respect of the price, to execute a proper conveyance of the property when the buyer tenders it to him for execution at a proper time and place.
    (v) Care of property and documents:
    Between the date of contract of sale and the delivery of the property, to take as much care of the property and all documents of title thereto which are in his possession as an owner of ordinary prudence would take of such property and documents.
    (vi) Delivery of possession:
    To give on being required the buyer or such person as he directs, such possession of property as its nature admits.
    (vii) Payment of all charge:
    To pay all public charges and rent accrued due in respect of the property up to the date of sale, the interest on all incumbrances on such property due on such date and expect where the property is sold subject incumbrances, to discharge all incumbrances on the property then existing.
    (viii) Delivery of document:
    Where the whole of the purchase money has been paid to the sellor, he is also bound to deliver to the buyer all documents of title relating to the property which are in sellor possession or power.
    9. Rights to buyer:
    (i) Right of improvement:

    Where the ownership of the property has passes to the benefit of any improvement in or increase in value of the property and to the rent and profits thereof.
    (ii) Benefit of sellor:
    Where the ownership of the property has passed to the buyer before payment of the whole of the purchase money to be a charge upon the property in the hands of the buyer and transferee without consideration or any transferee with notice of non-payment for amount of the purchase money or any part there of remaining unpaid and for interest on such amount or part from the date on which possession has been delivered.
    10. Liabilities of buyer:
    (i) Disclose any fact about the property:

    To disclose to the sellor any fact as to the nature or extent of the sellor's interest in the property of which the buyer is aware but of which he has reason to belive that the sellor is not aware, and which materially increases the value of such interest.
    (ii) Payment of price:
    To pay or tendor, at the time and place of completing the sale, the purchase money to the sellor or such person as he directs.
    (iii) Bear loss:
    Where the ownership of the property has passed to the buyer, to bear any loss arising from the destruction, injury or decrease in value of the property not caused by the sellor.
    (iv) Payment of public charges:
    Where the ownership of the property has passed to the buyer, as between himself and the sellor, to pay all public charges and rent which may become payable in respect of the property, the principal money due on any incumbrances subject to which the property is sold and the interest thereon after wards accruing due.
    11. Conclusion:
    To conclude I can say that sale is transfer of property or ownership in exchange for a price paid or promised to part paid or part promised. the essentials of sale, are parties subject matter transfer and price or consideration. the sellor and buyer shall be subject to the rights and liable enumerated in transfer of property act.

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