At every stage of the property selling process, a seller has a variety of rights and obligations. These include the ability to impose a fee if the buyer backs out after paying the token sum. And the obligation to settle all debts prior to the property transfer process. Look into the specific obligations and rights of a seller!

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The contract, which is discussed and signed by both parties, governs the obligations and rights of a seller. (buyer and seller). In the absence of such an agreement, Section 55 of the Transfer of Property Act, 1882 governs the obligations and rights of the seller.

Obligations of a seller before a property transaction

• To make known to prospective buyers of the property all significant flaws that they might not be aware of or be unable to detect in the normal course of business. A material defect is a problem with a part or system of a residential property. That could negatively affect the value of the property in question or pose an unreasonable risk to the occupant. Such as temporarily concealed, serious seepage problems, a shaky building foundation, etc.
• To provide all applicable title documents that are in your possession. Or within your legal rights to access and present, to the buyer upon request.
• To respond to, to the best of your ability, whatever questions the buyer really and appropriately asks about the property or its title.
• Must sign a contract with the buyer stipulating that their stake in the property will stay theirs after the transfer. Despite your intentions to transfer it to them. The buyer would also gain the right to sell the property to whoever they chose.
• Must settle all outstanding debts on the property that have accumulated up until the selling date. Such as any property taxes or other liens.
• Between the signing of the purchase agreement and the transfer of possession. To take good care of the real estate and all pertinent title papers.

After a property is sold, a seller has obligations.

• To transfer ownership of the property to the buyer or any other person the buyer directs after the sale is complete.
• After obtaining the full sale price of the property. To hand over to the buyer all the title documents that you are in possession of or have access to.

Prior to the property sale, a seller’s rights

To be able to collect the rent and profit from the property.

Rights of a seller following a property sale

Refers to a charge or lien on the property in a scenario where ownership of the property is transferred to the buyer before the seller receives the complete purchase price.

It might be wise to include a penalty clause in the “Sale Agreement” you agree into with the buyer in addition to these obligations and rights of yours, which are often reflected in it. This provision states that any earnest or token money (often 10% to 20% of the total sale price of the property) provided to you by the buyer is non-refundable in the event. (Transfer Of Property Act) That the buyer fails to pay the balance of the purchase price to you on time or cancels the transaction.

It would be wise to spend some time learning about your obligations and privileges as a seller so that you are aware of what is required of you and what your rights are throughout the selling process.

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