CHAPTER III – OF SALES OF IMMOVABLE PROPERTY
Section 54. “Sale” Defined
‘Sale‘ is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.
Sale how made- Such transfer, in the case of tangible immoveable property of the value of one hundred rupees and upwards, or in the case of a reversion or other intangible thing, can be made only by a registered instrument.
In the case of tangible immoveable property of a value less than one hundred rupees, such transfer may be made either by a registered instrument or by delivery of the property.
Delivery of tangible immoveable property takes place when the seller places the buyer, or such person as he directs, in possession of the property.
Contract for sale-
A contract for the sale of immoveable property is a contract that a sale of such property shall take place on terms settled between the parties. It does not, of itself, create any interest in or charge on such property.
- Governor of an Indian State: Role, Importance, and Functions - 4th September 2023
- Guardianship Under Hindu Law in India - 13th August 2023
- All Rules for Adoption in Hindus Under Hindu Laws - 13th August 2023