Seller’s Rights And Responsibilities Under The Transfer Of Property Act

At each phase of the property selling process, a property seller has different rights and obligations. These include the power to levy a penalty if the buyer withdraws after paying the token money, as well as the obligation to pay off all payments and settle all debts before the property transfer procedure begins. Examine a seller’s rights and responsibilities in depth!

Seller’s Obligations Prior To The Sale Of Property

• To reveal to potential buyers of the property any material problems that they may not be conscious of or notice in the normal course of action. A material fault is a fault inside a component or system of a residential property that may have a detrimental influence on the value of the property or that offers an undue danger to the resident, such as temporarily-hidden major leakage difficulties, an unsteady building structure, and so on.
• To present the buyer, at his/her request, all title papers pertinent to the property that are in your possession or in your authority to access and show.
• To respond to the buyer’s legitimate and pertinent queries about the property or its title to the greatest extent possible.  

Obligations Of A Seller Following The Sale Of A Property

• Following the conclusion of the sale, to pass over control of the property to the buyer or any other person directed by the buyer.
• Upon receiving the whole sale price of the property, you must provide to the buyer any title papers that you own or have authority to.

Seller’s Rights Prior To The Sale Of The Property

• To receive the profits and rents generated by the property

Obligations Of A Seller Following The Sale Of A Property

• To a levy or lien on the property in a circumstance when ownership of the property is transferred to the buyer before to payment of the entire transaction price to the seller.
• It is recommended that you spend some time researching your obligations and rights as a seller so that you are aware of what is required of you and what your rights are during the selling process.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.