The liabilities of buyers are given in Section 55(5) of Transfer of Properties Act. The following are the liabilities of buyers with which they are bound:
Liability to disclose facts to the seller: The buyer should disclose to the seller any fact as to the nature or extent of the seller’s interest in the property of which he is himself aware and has reason to believe that the seller is not aware of the fact.
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Liability to pay: The buyer should pay or tender at the time and place of completion of the sale, the purchase money to the seller or to any other person whom the seller directs.
Liability to bear damages: When the ownership of the property has been passed from the seller to the buyer, the buyer must bear any loss arising from the destruction, injury or decrease in value of the property which is not caused by the seller.
Liability to pay the due amount: When the ownership of the property has passed from the seller to the buyer, the buyer is responsible for all the charges related to the property, like public charges and rent, the principle money which is due and all the interest which is due.
