Purchase and Sale of Property - The Legal Basics and How to go About It

Real Estate and Property Law Sale of Property

Posted by Aditya Pratap Law Offices on 06 Apr 24

                                ?php echo htmlentities($row['posttitle']); ?>

Sale of an immovable property takes place when its ownership is transferred from one person to another. The purchasing and selling of immovable property is governed by Sections 54 and 55 of the Transfer of Property Act, 1882.

What is “Sale” as defined in Section 54 of the Transfer of Property Act, 1882?

According to Section 54 of the Transfer of Property Act, 1882 (also referred to as “TPA” in this article), “Sale” is defined as a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.

How is a Sale of Immovable Property carried out?

According to Section 54 of the Transfer of Property Act, 1882, the sale of any immovable property having value of Rs. 100 or more can be carried out only by means of a registered instrument.

How is the “Delivery” of the Immovable Property Carried Out?

For the purposes of Section 54, the delivery of the immovable property being sold is carried out when the purchaser is placed in actual possession of the immovable property by the sellor.

Sale of any Immovable Property having value of Rupees One Hundred or More can only be carried out by a registered instrument.

Aditya Pratap Law Offices ~Aditya Pratap Law Offices