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Essential requirements of sale of immovable property

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Uma asked about 3 years ago

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

(1) Transfer of ownership in exchange of price paid or promised or part paid or part promised. (2) Parties to transaction of sale are known as seller and buyer. (3) Subject-matter of sale is immovable property which is sold by seller and purchased by buyer. (4) Delivery of possession of property to the buyer by seller may be made as under: (i) Property of the value of less than Rs. 100/- may be transferred merely by delivery of physical possession;

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered about 3 years ago

**ESSENTIAL REQUIREMENTS OF SALE OF IMMOVABLE PROPERTY** The following are the essential requirements of sale of an immovable property: (1) Transfer of ownership in exchange of price paid or promised or part paid or part promised. (2) Parties to transaction of sale are known as seller and buyer. (3) Subject-matter of sale is immovable property which is sold by seller and purchased by buyer. (4) Delivery of possession of property to the buyer by seller may be made as under: (i) Property of the value of less than Rs. 100/- may be transferred merely by delivery of physical possession; (ii) Property of the value exceeding Rs. 100/- may be transferred under a written instrument known as ‘Sale Deed’ which should be registered under the Registered Act, 1908. (5) Sale of immovable property attracts stamp duty under the Indian Stamp Act. Thanks

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