New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following is not a duty of the

    buyer?
    A To pay the purchase money to seller as he directs. Correct Answer Incorrect Answer
    B To bear any loss due to decrease in value of the property not caused by seller. Correct Answer Incorrect Answer
    C To disclose to the seller any fact of his interest in the property of which buyer is aware. Correct Answer Incorrect Answer
    D To disclose to the seller any fact of buyer's interest in the property of which seller is aware. Correct Answer Incorrect Answer
    E None of the above. Correct Answer Incorrect Answer

    Solution

    Transfer of Property Act  S. 55 (5) The buyer is bound— (a) to disclose to the seller any fact as to 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; (b) 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: provided that, where the property is sold free from incumbrances, the buyer may retain out of the purchase-money the amount of any incumbrances on the property existing at the date of the sale, and shall pay the amount so retained to the persons entitled thereto; (c) 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; (d) where the ownership of the property has passed to the buyer, as between himself and the seller, to pay all public charges and rent which may become payable in respect of the property, the principal moneys due on any incumbrances subject to which the property is sold, and the interest thereon afterwards accruing due.

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