The Transfer of Property Act, 1882 defines the term ‘sale’ in Section 54 and talks about the rights and liabilities of buyers and sellers in Section 55 of the Act.
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Sale:
Sale is defined in Section 54 of Transfer of Property Act, 1882. According to the Section ‘sale’ is transfer of ownership. The transfer made is in exchange for a price paid/ promised/ partly paid and partly promised. The transfer of tangible immovable property whose value is above Rs.100, can be made only by a registered instrument. The transfer of tangible immovable property whose value is below Rs 100, can be made either by registered instrument or delivery of the property. The delivery of immovable property takes place when the seller places the buyer in possession of the property. The term “contract for sale” refers to the contract entered for sale of such immovable property which shall take place on terms settled between the parties to the contract.
