A Seller's Obligations & Rights Under The Transfer Of Property Act
Ateverystageofthepropertysellingprocess,asellerhasavarietyofrightsand obligations.Theseincludetheabilitytoimposeafeeifthebuyerbacksoutafter payingthetokensumandtheobligationtosettlealldebtspriortotheproperty transferprocess.Lookintothespecificobligationsandrightsofaseller!
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Thecontract,whichisdiscussedandsignedbybothparties,governstheobligations andrightsofaseller.(buyerandseller).Intheabsenceofsuchanagreement, Section55oftheTransferofPropertyAct,1882governstheobligationsandrights oftheseller.
Obligations of a seller before a property transaction
Tomakeknowntoprospectivebuyersofthepropertyallsignificantflaws thattheymightnotbeawareoforbeunabletodetectinthenormalcourseof business.Amaterialdefectisaproblemwithapartorsystemofaresidential propertythatcouldnegativelyaffectthevalueofthepropertyinquestionor poseanunreasonablerisktotheoccupant,suchastemporarilyconcealed, seriousseepageproblems,ashakybuildingfoundation,etc.
Toprovideallapplicabletitledocumentsthatareinyourpossession,or withinyourlegalrightstoaccessandpresent,tothebuyeruponrequest.
Torespondto,tothebestofyourability,whateverquestionsthebuyerreally andappropriatelyasksaboutthepropertyoritstitle.
Mustsignacontractwiththebuyerstipulatingthattheirstakeinthe propertywillstaytheirsafterthetransfer,despiteyourintentionstotransfer ittothem.Thebuyerwouldalsogaintherighttosellthepropertytowhoever theychose.
Mustsettlealloutstandingdebtsonthepropertythathaveaccumulatedup untilthesellingdate,suchasanypropertytaxesorotherliens.
Betweenthesigningofthepurchaseagreementandthetransferof possession,totakegoodcareoftherealestateandallpertinenttitlepapers.
After a property is sold, a seller has obligations.
Totransferownershipofthepropertytothebuyeroranyotherpersonthe buyerdirectsafterthesaleiscomplete.
Afterobtainingthefullsalepriceoftheproperty,tohandovertothebuyerall thetitledocumentsthatyouareinpossessionoforhaveaccessto.
Prior to the property sale, a seller's rights
Tobeabletocollecttherentandprofitfromtheproperty.
Rights of a seller following a property sale
Referstoachargeorlienonthepropertyinascenariowhereownershipofthe propertyistransferredtothebuyerbeforethesellerreceivesthecomplete purchaseprice.
Itmightbewisetoincludeapenaltyclauseinthe"SaleAgreement"youagreeinto withthebuyerinadditiontotheseobligationsandrightsofyours,whichareoften reflectedinit.Thisprovisionstatesthatanyearnestortokenmoney(often10%to 20%ofthetotalsalepriceoftheproperty)providedtoyoubythebuyerisnonrefundableintheeventthatthebuyerfailstopaythebalanceofthepurchaseprice toyouontimeorcancelsthetransaction.
Itwouldbewisetospendsometimelearningaboutyourobligationsandprivileges asasellersothatyouareawareofwhatisrequiredofyouandwhatyourrightsare throughoutthesellingprocess.
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