Law Of Property Agreement
no longer be held liable under the personal contract in the mortgage or sales contract, unless the mortgage or seller under the sales contract makes a written notification to the person requesting payment of the guaranteed amount within 3 months of the expiry of the existing term. This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act. Section 53A provides that the seller has no right to disturb the purchaser`s possession if the purchaser has entered into possession of the property that is the subject of the transfer, while fully acquiring its portion of the contractual obligation. It should be noted that Section 53A provides the proposed purchaser with a shield against the seller and prevents the seller from disrupting the purchaser`s property, but it does not cured the buyer`s property. The property`s ownership remains in the hands of the seller. A separate distinction is evident when the rights granted are not sufficiently important to confer a definable interest or right on the non-owner in the case. The clearest example of these rights is the licence. Even when licences are established by a binding contract, they generally do not give rise to ownership interests. If the seller does not sell or return the property to the buyer, the buyer is entitled to a special benefit in accordance with the provisions of the Specific Relief Act of 1963. A similar right is available to the seller as part of the agreement to require a certain benefit from the buyer. “arrangement”: a permanent power conferred under Part 2 of the Powers Act; “Any sales contract that is not a registered promotion (nature of sale) would fall short of the provisions of section 54 and 55 of the Transfer of Ownership Act and would not confer ownership and would not transfer any right to purchase property (except for the limited right granted under Section 53A of the Transfer of Ownership Act).” 33 (1) Despite the contrary agreement, a mortgagor has the right to obtain from a mortgage lender on written request to the mortgage (6), 6.
This section does not remove any rights or remedies that a lender, seller or person entitled to otherwise seek redress have or may pursue as part of a sale agreement.