These are the duties and liabilities of buyers and sellers –
Before sale property –
Liabilities of seller & Liabilities of purchaser
- To inform defects in the property
- To provide records of right
- To execute sale deed Payment of consideration
- To pay of the liabilities on the property
Rights of seller & Rights of buyer
To get rent and profits Right of encumbrance on consideration already paid
After completion of sale
Liabilities of seller Liabilities of purchaser
To hand over possession Liability on accidental or loss to the property
Information about right
To hand over records of rights after receipt of consideration Duty to pay taxes and liabilities after taking possession of property
Rights of seller Rights of buyer
If consideration is due encumbrance on property of such dues Incremental value/profit on property
Though there are rights and duties the purchaser should carefully examine the following matters;
- Original documents.
- How did the seller acquire the property.
- Encumbrance Certificate of the property for a minimum period of 15 years from Sub Registry Office to know if there are any encumbrances on the property to be purchased.
- Verify from the concerned court if there are any litigations on the property to be purchased.
- Verify if there are any litigations, objections in revenue, municipal offices about inheritance or any other matter.
- If seller is a power of attorney holder, it should be verified from the principal and if such power of attorney is genuine and whether it is still in force.
- It should be verified whether the transaction is opposed to public policy under Section 22A of the Registration Act, 1908. If so the document will not be registered.
- If the Property is a granted land to the member of scheduled caste and scheduled tribe, it should be verified if the transaction is in contravention of the terms and conditions of grant and whether permission of the Government is obtained for transfer.