Some rights a buyer of property has been given by the Transfer of Property Act

Abuyer of a property has some rights and liabilities. According to the Transfer of Property Act, a buyer of a property is entitled to some rights and has some responsibilities, which need to be fulfilled statutorily.

• Interest of seller

A buyer is bound to disclose to the seller any fact about the nature or extent of the seller's 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. An omission to make such a disclosure is fraudulent.

• Payment

The buyer is liable to pay, at the time and place of completing the sale, the purchase money to the seller or such person as he directs. The payment should be as per the agreed terms and conditions. Where the property is not sold free of 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 should pay the amounts so retained to the persons entitled to it, to get the encumbrance released.

• Charges

The buyer is liable to pay all public charges and rent which may become payable in respect of the property, the principal money due on any encumbrance subject to which the property is sold, and the interest due. Once the ownership has been transferred to the buyer, the buyer is liable to pay all the statutory charges like municipal taxes, property taxes, cess, electricity and water charges etc.

• Loss or damage

After the ownership of the property has passed to the buyer, he has to bear any loss arising from damage or decrease in value of the property, not caused by the seller. The buyer becomes liable for any loss or damage to the property as soon as he becomes the owner and the seller ceases to be the owner of the property.

The buyer is also entitled to a charge on the property, against the seller, to the extent of the seller's interest in the property, for the amount of any purchase money paid by the buyer in anticipation of delivery. In case of a default by the seller the buyer has a right to get back the advance paid plus reasonable interest. He may also compel the seller for specific performance of the agreement.

• Benefit of improvements

The buyer also has some rights given statutorily by the Transfer of Property Act. In case the ownership of the property has passed to the buyer, he is entitled to the benefits of any improvements that increase the value of the property, and to rent and profits from the property. Any benefits or increase in value of the property accrues to the buyer only and not the seller.

All these rights given by the Act can be enforced as they are bestowed by the statute. However, the operation of such rights and liabilities may be modified by the contracting parties, subject to mutually agreed conditions.