The Sale of immovable property under the Transfer of Property Act.The term "Sale" is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.
Transfer of tangible immovable property of the value of Rs.100/- and above can be made only by a registered instrment.Transfer of immovable property of a value less than Rs.100/- may be made either by a registered instrument or by a delivery of the property.
"Delivery" maens the Seller places the Buyer or any person he directs in possession of the property.The transaction of sale involves a transfer of ownership in consideration of a price.Price means money and not any valuable consideration.In a sale,there is absolute transfer of all rights in the property sold.
1. The essentials of sale are there must be two parties namely the seller and the buyer.The seller must be competent to contract and must have a valid title or authority to transfer the property.The buyer may be any person but he should have the financial capacity to buy the property and must be willing to buy the property.
2. The subject matter of sale may be of any immovable property.Immovable property includes land,the benefit arising out of land,the things attached to the earth,standing timber,growung crops,etc.,
3. The consideration or price is the essence of contract of sale,and without consideration,there is no enforceable contract.
4. There are two modes of transfer by sale.They are:-
a. By Registeres Instrument
b. Delivery or Possession.
sale cannot be effected in any other mode except these modes.
Contract of Sale :
1. It is a transfer by way of sale.
2. It results in the passing of ownership from the seller to the buyer.
3. It creates a jus in rem.
4. It is an executed contract.
Contract for Sale :
1. It is an agreement to make a transfer.
2. It creates no interest in the property.
3. It is jus ad rem.
4. It is an executary contract.
Registration of Instrument of Sale :
1. In the case of tangible immovable property of value of more than Rs.100/- registration is necessary.
2. In the case of a reversion or intangible thing sale requires registration.
3. In any instument which needs registration is not registered then transfer of title cannot be effected either verbal or in writing.
4. Reversion of a landlord is only an intangible property and hence the right to receive rent can be transfeered only by a registered instrument.
5. A registered instrument is not necessary if title may be transferred by a delivery of possession.
This article is useful to know about the Sale in Transfer of Property.
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