Is the property being sold with vacant possession, generally means that the property will be handed over without any tenants, occupants, or encumbrances, allowing the new owner immediate and exclusive possession. Whether a property is sold with vacant possession depends on the agreement between the buyer and seller, and it should be clearly stated in the sale agreement or deed of sale. Here’s an overview of what this means in practice:
Is the Property Being Sold with Vacant Possession Meaning?
If a property is being sold with vacant possession, it implies that the property will be unoccupied at the time of sale completion, allowing the buyer full unrestricted use. This is typically the standard for residential properties unless the buyer is purchasing a property specifically as an investment with tenants. The buyer can move in or start using the property right away.
Legal Aspects of Vacant Possession in India
Tenant Rights: Indian tenancy laws often provide strong protections for tenants, making it difficult to evict long-term tenants. Hence, clearing occupants before sale is crucial if vacant possession is desired.
Encumbrances: A property sold with vacant possession should also be free from financial encumbrances (like mortgages or liens). The seller must clear any such liabilities before sale, or the buyer must be informed if the buyer will assume responsibility.
Hope this helps!
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Authors Of The Question
Is the Property Being Sold with Vacant Possession?
Tara
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45 days
2024-11-08T16:11:51+00:00 2024-11-21T17:08:18+00:00Comment
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