The rights and liabilities before the completion of sale are contractual in nature and the rights and liabilities after the completion of sale are regulated by the rule that once the property has been passed on to the buyer, the transaction cannot be avoided. Before the completion of the Sale, the buyer is liable to disclose facts materially increasing the value of the property or as to the nature and extent of the seller’s interest in the property and to pay the price of the property. If the buyer finds that an encumbrance has not been paid off in respect of the property bought by him as free from encumbrances, he can retain out of the purchase money, a sum sufficient to pay off the encumbrances. After the completion of the Sale, the buyer is liable to bear the loss to the property and to pay the outgoings.
