What are the seller’s and buyer’sliabilities ?

Answer :-
The seller’s and buyer’s liabilities are
laid down in section 55 of the Transfer
of Property Act .
According to section 55 the seller is
bound ----
1) To disclose to the buyer any material
defect in the property or seller’s title
thereto , of which the seller is , and the
buyer is not aware , and which the buyer
could not , with ordinary care ,
discover . An omission to make such
disclosures amounts to fraud .
2) To produce to the buyer , on his
request , for examination , all
documents of title relating to the
property which are in the seller’s
possession or power .
3) To answer to the best of his
information , all relevant questions put
to him by the buyer with respect to the
property or the title thereto .
4) On payment or tender of the price , to
execute a proper conveyance of the
property when the buyer tenders it to
him for execution at a proper time and
place .
5) Between the date of the contract of
sale and the delivery of the property , to
take as much care of the property and
all documents of title relating thereto ,
as a man of ordinary prudence would
take .
6) To pay all public charges and rent
accrued due in respect of the property
upto the date of the sale , the interest
on all encumbrances on such property
due on such date , and except where the
property is sold subject to
encumbrances to discharge all
encumbrances on the property when
existing .
7) To give to the buyer , or to such
person as he directs , such possession
of the property as it’s nature admits .
8) Where the whole of the purchase
money has been paid to the seller , he
is also bound to deliver to the buyer , all
documents of title relating to the
property which are in the seller’s
possession or power .
a) Where the seller retains any part of
the property comprised in such
documents , he is entitled to retain all
the documents .
b) Where the whole of such property is
sold to different buyers , the buyer of
the lot of the greatest value is entitled
to such documents .
The seller , or such buyer of the lot of
greatest value . as the case may be , is
bound , upon the buyer’s request , to
produce the said documents , and
furnish true copies thereof , and in the
meantime , the seller or the buyer of the
greatest value , as the case may be ,
must keep the said documents safe ,
uncancelled and undefaced , unless
prevented from so doing by fire or other
inevitable accident .
9) The seller is deemed to contract with
the buyer that the interest which the
seller professes to transfer to the buyer
subsists , and that he has power to
transfer the same .
The buyer is bound ---
1) To disclose to the seller any fact as
to 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 disclosures amounts to
fraud .
2) To pay or tender the purchase
money to the seller or such person as
he directs . 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 pay the
amount so retained to the person
entitled thereto .
3) To bear any loss , not caused by
seller , arising from destruction , injury ,
or decrease in the value of the
property .
4) To pay public charges and rents
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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