Rights & Duties of The Buyer

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Rights and Duties of The Buyer

 

Liabilities of Buyer

 

Before sale:

 

  1. To disclose the seller any fact as to the nature or extent of the sellerís interest in the property of which the buyer is aware, but of which he has reason to believe that the seller is not aware, and which materially increases the value of such interest.
  2. Duty to pay earnest money or the consideration money in full or in part.

 

After Sale:

 

The buyer is bound-

 

  1. To pay or tender, at the time and place of completing the sale, the purchase-money to the seller or such person as he directs: provided that, where the property is sold free from encumbrances, the buyer may retain out of the purchase-money the amount of any encumbrances on the property existing at the date of the sale, and shall pay the amount so retained to the persons entitled, thereto;
  2. Where the ownership of the property has passed to the buyer, to bear any loss arising from the destruction, injury or decreases in value of the property not caused by the seller;
  3. Where the ownership of the property has passed to the buyer, as between himself and the seller, to pay all public charges and rent which may become payable in respect of the property, the principal moneys due on any encumbrances subjects to which the proprty is sold, and the interest thereon afterwards accruing due.
  4. To bear any loss or damage to the property after the transfer of the property.

 

Rights of buyer

 

Before Sale:

 

  1. The Buyer has a right to see and take a copy of the original property documents.
  2. The buyer has a right to know the Capacity/Status of the seller as a holder of the property and its mode of acquisition.
  3. Right to receive an Encumbrance Certificate of the property for a minimum period of 15 years from Sub Registrar Office to know if there are any encumbrances on the property to be purchased.
  4. Right to verify if there are any litigations, objections in revenue, municipal offices about inheritance or any other matter and also to check the authenticity of the documents.
  5. Right to encumbrance on consideration already paid.

 

After the Sale:-

 

  1. The buyer is entitled to the ownership of the property.
  2. The buyer has a right to free and peaceful possession & enjoyment of the property.
  3. Right to re sale.
  4. Right to receive the benefit of any improvement in, or increase in the value of property, and to rents and profits thereof;
  5. Where the ownership of the property has passed to the buyer, he is entitled to a charge on the property as against the seller and all persons claiming under him for the consideration money and interest thereon, unless he has improperly declined to accept delivery of the property.
  6. When the buyer properly declines to accept the delivery, he is entitled to the earnest money (if any) and for the costs (if any) awarded to him of a suit to compel specific performance of the contract or to obtain a decree for its rescission.