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Sale of Property


Sellers Rights before Sale

To take rents and profits - The seller is entitled to the rents and profits of the property till the ownership thereof passes to the buyer.

 

Buyers Duties before Completion of Sale

  1. To disclose fact which materially increases the value of property-The buyer is bound to disclose to the seller any fact as to the nature or extent of the sellers 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. To pay price for the property- The buyer is bound 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.

  3. To bear loss to the property- The buyer is bound to bear any loss arising from the destruction, injury or decrease in value of the property not caused by the seller where the ownership of the property has passed to the buyer.

  4. To pay public charges and rents- Where the ownership of the property has passed to the buyer, as between himself and the seller, the buyer is bound to pay all public charges and rent which may become payable in respect of the property, the principal moneys due on any encumbrances subject to which the property is sold, and the interest thereon afterwards accruing due.



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