Under the Transfer of Property Act, 1882, ‘sale’ has been defined as a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. Sale is an absolute transfer of all the rights in a property for a consideration from one party to another in a manner prescribed by law. It has been provided that sale of a tangible immovable property of a value of one hundred rupees and above must be made by a registered instrument and for the sale of a tangible immovable property of a value which is less than one hundred rupees may be made either by a registered instrument or by delivery of the property. When the property is intangible, such as rights of ferry or fishery, mortgage or debt etc. or reversion, the sale must be made only by a registered instrument. In order to make the sale complete, there must be delivery of possession of the property. Delivery takes place once the seller places the buyer in possession of the property. A contract for the sale of immovable property is a contract that a sale of such property shall take place on the terms and conditions settled between the parties.
