The real estate business is generally a great term investment option in case you have patience and financial resources to acquire and sustain it. It helps earning a continuous passive income as well as helping to build wealth for the future financial stability and security. Property is one of the oldest investment avenues in India, which has existed for many centuries.
How to sell a property?
As provided under Section 54 of the Transfer of the Property Act, 1882, Contract for sale means the exchange of the ownership for a price fully paid or promised to be paid either in full amount or partially with a promise to pay the amount left after a certain period of time. Hence, the sale is about the absolute transfer of all the rights of the property sold.
Sale- two kinds
In case of the tangible immovable property, if the amount involved is more than Rs 100, the sale can be made only through a registered instrument.
Similarly, in the case of tangible immovable property if the value involved is less than Rs. 100, sales could be made through the Delivery of Possession
Delivery of the tangible immovable property shall be completed when the possession of a property to the buyer or the person he directs is handed over by the seller.
Sale Transfer- important factors:
Parties to the Sale
The Transferor- is known as the seller who sells his property
The Transferee- is the buyer, to whom the property is being sold.
The contract of sale should be based on the mutual agreement between the seller and the buyer.
The transferor must be competent to enter into the contract, i.e. he shall be major and of sound mind and shall not be legally disqualified to transfer the property.
The subject matter of the sale must be immovable property only as provided under Section 54 of the Act. an immovable property could be tangible or intangible, i.e. could be in a physical state or could be a right of fishery, a right of a way, etc. respectively.
The consideration for the contract of sale shall be money only, any other item to be exchanged in lieu of the property would not constitute a sale.
The rights and duties of the seller-
The rights and duties of a seller are subject to the contract, in addition to that Section 55 of the TPA provides for the rights and duties of the seller and buyer. The rights and duties of the seller are as follows-
The seller is bound to produce all documents related to the property to the buyer if he asks for those documents which are in his possession.
The seller is bound to answer all the questions to the best of his knowledge in relation to the property which have been asked by the buyer.
In case the whole of the money for the purchase of the property has been paid by the buyer, the seller is bound to deliver all the required documents of the title related to the property in the seller’s possession.
In case the property has been sold to a criminal-
It is advised to update all the documents related to the sale deed. It is advised to seek the advice of an experienced Property Lawyers In Mumbai, while buying or selling a property and to ensure that the procedure has been fulfilled legally.
In case it comes to your knowledge after the sale of the property that the buyer of the property is a criminal, it is advised to contact an advocate who has specialization over the matter for example an Rera Lawyers In Chennai.
Criminal Misappropriation of the Property- In case the sale has not been completed and the property in the possession of the criminal is being used for illegal purposes, then under Section 403 of the Indian Penal Code, 1860, you can file a case against him for dishonestly using the property belonging to you for his own purpose
Criminal Misappropriation of the Property- In case the sale has not been completed and the property in the possession of the criminal is being used for illegal purposes, then under Section 403 of the Indian Penal Code, 1860, you can file a case against him for dishonestly using the property belonging to you for his own purpose
Conclusion
It could be inferred from the above discussion, that selling one's property is not a crime per se, however, to help you from not getting into trouble, it is important to keep all the documents related to the sale of the property. Also, in case the property has been sold to a criminal or is being misused by a criminal when it was given in good faith, you should immediately contact an experienced advocate. Lead India offers you a team of experienced advocates who have been successfully dealing with the same for many years.
Also, in case you are planning to marry your partner through the court, it would be favorable to contact a Top Criminal Lawyers In Delhi.
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