Rights and duties of a house seller

 

Are you the proud owner of a luxury flat in Kochi? Thinking of selling it? There are certain rights and duties of a house seller you should be aware of. These duties and rights are governed by Section 55 of the Transfer of Property Act, 1882.

Duties of a seller before the sale:

• To reveal all material defects to the potential buyers of the property, which they may not be aware of and may not be able to recognise in future. A material defect may have an unfavourable impact on the property value, or will pose a risk to the resident. These defects can include issues like temporarily-hidden seepage issues, unstable building foundation etc.
• To disclose all such documents of title which are relevant to the property that are in your possession or in your power to access and show to the buyer.
• To respond to all the genuine and applicable questions asked by the buyer regarding the property or its title to the best of your knowledge.
• To enter into a contract with the buyer which states that the interest in the property will be transferred to the buyer. Also, the buyer would take over the authority to transfer the property to other persons, as desired.
• To pay and clear all governmental charges (property tax) or other liabilities accumulated (home loan, among others) on the property up to the date of sale.
• To genuinely care for the property and all relevant documents of title between the date of the contract of sale and the delivery of the possession of the property.

Duties of a seller after sale and full payment of price of luxury flat in Kochi: 

• To transfer the possession of the flat in Kerala to the buyer or any such person whom the buyer directs.
• To deliver all the documents of the title you possess or have the power to access, to the buyer.

Rights of a seller before the sale of the property takes place

• Seller is entitled to receive the profit and rent amounts arising out of the property

Rights of a seller after the sale

• Seller is eligible to receive a charge or lien upon the property in a scenario where the ownership of the property is transferred to the buyer before the payment of the full sale price for the property.

A penalty clause may also be inserted in the Sales Agreement stating that the buyer pays any earnest or token money (usually 10 to 20 percent of total sale price) to you. This amount will be non-refundable in case the buyer does not pay the remaining amount to you on time or backs out of the deal. 

It would be advantageous to you to take some time to study these duties and rights as a seller so that you are aware of what is expected from you and what are your rights during the selling process. Buy, rent or sell flats in Kerala through luxurykeralaflats.com and get great deals.