Sale of Immovable Property
Sale of immovable property has been defined as a transfer of
ownership in exchange for a price paid or promised or partly paid
and partly promised by the Transfer of Property Act. Section 54
provides essentials for a sale of immovable property and Section 55
deals with rights and duties of buyer and seller (parties to sale).
Section 54 of the Transfer of Property Act, 1882
Section 54 of the Transfer of Property Act (IV of 1982) defines sale of
immovable property as under: “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 immovable 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 immovable 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.
Section 54 lays down a specific method for the execution of a sale
deed with respect to immovable property and completion of sale.
Generally speaking, in a sale of immovable property, the three
requirements of law are that transfer of property by sale must take
place with the help of a validly executed sale deed, by the transferor
in writing, is properly attested, and registered (Munnalal v.
Armaram, 2008).
Difference between Agreement of sale and Sale
The primary difference between sale and agreement to sell is that a
sale transfers ownership of goods immediately, while an agreement
to sell only promises to transfer ownership at a future date or upon
certain conditions. Let us look at the key difference between sale
and agreement to sell in tabular form below –
