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    4 views6 pages

    Rights and Duties of Sellers and Buyer

    Uploaded by

    Jessica Javier

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 6

    RIGHTS AND DUTIES

    OF SELLERS AND
    BUYER
    BEFORE AND AFTER COMPLETION OF SALE

    REPORTERS:
    ACSAYAN, KRIZELLE G.
    LAURENTE, MYCA A.
    DUTIES OF
    SELLER:
    1. Seller’s Duty of Disclosure
    - Any major flaw in the property or in the seller's title that neither the seller nor the buyer is aware of and that the
    buyer could not have discovered with reasonable diligence must be disclosed by the seller to the buyer.
    2. To Produce Title-deeds
    - A seller must. Provide all title documents for the property that are in the seller's ownership or custody to the
    prospective purchaser upon his request for inspection.
    3. To Answer Question as to Title
    -Regarding the property or its title, the buyer may ask any relevant inquiries and the seller shall respond to them
    to the best of his knowledge.
    4. To Execute a Proper Conveyance
    - When the buyer presents the property to him for execution at an appropriate time and location, the seller is
    obligated to execute a valid conveyance of the property upon the full or partial payment of the amount owing with regard to
    the price.
    5. To Take Care of Property and Title-deeds
    - The seller agrees to treat the property and all title documents related to it that are in his possession with the same
    level of care that a prudent owner would provide between the date of the sale agreement and the delivery of the item.
    6. To Pay Outgoings
    - Except in cases where the property is sold subject to debts, the seller is required to pay all public charges and
    rent that have accrued due in relation to the property up to the date of the sale, as well as to discharge any debts that were on
    the property at the time of the sale.
    DUTIES OF SELLER AFTER COMPLETION
    OF SALE:
    1. To Give Possession
    -The seller is required to grant the buyer, or such person as he designates, such
    possession of the property as its nature permits.
    2. Implied Covenant for Title
    -The seller shall be assumed to contract with the buyer that the interest that the
    seller pretends to transfer to the buyer exists and that he has the authority to transfer the
    same.
    3. To Deliver Title-deeds on Receipt of Price
    -Where the seller has received the entire purchase price, he is also required to give
    to the buyer all title documents relating to the property in his possession or power.
    SELLER’S RIGHT BEFORE
    SALE:
    1. Right to Take Rents and Profits
    - The seller is entitled to the rents and profits of the property till the ownership thereof passes to the buyer.
    2. Charge Upon Property for Unpaid Price
    - Where ownership of the property passes to the buyer before payment of the entire purchase price, the
    seller is entitled to a charge on the property in the buyer's hands, any transfer without consideration and transfer
    with notice of non-payment, for the amount of the purchase price or any part thereof remaining unpaid, as well as
    interest on such amount or part from the date on which possession is delivered.
    3. To Disclose Facts Materially Increasing value of Property
    -The buyer is bound to disclose to the seller and in fact as 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.
    4. To Pay the Price
    -The buyer is bound to pay or tender, at the time and place of completing the sale, the purchase money to
    the seller or such person as he directs.
    5. To Charge for Price Prepaid
    -The buyer is entitled, unless he has improperly declined to accept delivery of the property, to a charge of
    the property, as against the seller and all persons claiming under him, to the extent of the seller's interest in the
    property, for the amount of any purchase-money properly paid by the buyer in anticipation of the delivery, and for
    interest and such amount; and, when he properly declines to accept the delivery, also for the earnest (if any) and
    cost (if any).
    SELLER’S RIGHT AFTER COMPLETION
    OF1.SALE:
    To Bear Loss to the Property
    -The buyer is bound where the ownership of the property has passed to the buyer, to
    bear any loss arising from the destruction, injury or decrease in value of the property not
    caused by the seller.
    2. To Pay Outgoings
    -Where the ownership of the property is transferred to the buyer, as between
    himself and the seller, the buyer is obligated to pay all public charges and brand that may
    become payable in respect of the property, as well as the initial funds due on any debts
    subject to which the assets is sold, and the interest thereon that earns afterwards.

    LIABILITY TO PAY TAXES:


    • The vendor has to pay taxes in respect of the property up to date of sale. Liability of
    vendee to pay taxes arises only from date of the field and the pay taxes arise only from
    date of sale.
    ASSESSMENT:
    ESSAY:

    1. Why is it important to know the rights and duties of seller and buyer?
    (5pts.)

    2. Why do we need to pay taxes? (5pts.)

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