Rights of Home Buyers

Venturing into real estate with your first purchase of a flat in Kerala? As the buyer you have some rights and liabilities! A real estate deal for a property is a complicated process regulated by various Central and State Government laws. The Transfer of Property Act in India is one of the main laws that govern property transfer. 

The leading real estate web portal, luxurykeralaflats.com gives you an insight on the major rights and responsibilities of a property buyer in India as stated by the Act.

Increase in Value

After the luxury flat for sale in Kerala transfers ownership from seller to buyer, the buyer has the benefit of any improvement or increase in value of the property, and to the rents and profits from the property. The seller will have no claim on the benefits.

Proper Delivery of the Property

When purchasing a flat in Kerala, the buyer has the right to proper delivery of the title and possession of the property. If the seller improperly declined to accept delivery of the property, the buyer has the right to charge on the property and on the seller for any money paid in anticipation of delivery of the property. In case of failure of the seller to deliver the property, the buyer also has the right to obtain reimbursement for the earnest and for the costs awarded to him in a court to compel specific performance of the contract.

Responsibilities of the Buyer

Even when the contract has not been drawn up, the buyer has certain responsibilities in a property transfer transaction as mentioned below.

Disclose Material Interest

The buyer has a responsibility to disclose to the seller any facts he/she is aware which materially increases the value of the property of the seller. The seller may not be aware of such interest. For example, if a buyer is planning to purchase a property from a farmer and learns that the land has minerals of substantial value, then the buyer must disclose the fact to the seller.

Payment of Consideration

The buyer is responsible for paying the seller or any person designated by the seller, at the time and place of completing the transaction. In case of any encumbrances on the luxury flats for sale in Kerala, the buyer may retain a part of the consideration equal to the cost of the existing encumbrances at the date of sale and pay the amount retained to the persons entitled.

Bear loss not caused by Seller

After the ownership of a property has passed to the buyer, the buyer must bear any loss arising from the destruction, injury or decrease in value of the property, not caused by the seller.

Pay all Dues

Once the deal is closed and ownership of the flats in Kerala passed to the buyer, the buyer has the responsibility to pay all public charges and rent which may become payable in respect of the property. 

To buy luxury flats in Kerala, check out luxurykeralaflats.com, the number one real estate portal in Kerala displaying a quality range of flats for sale in Kerala