What is the difference between sale and mortgage by conditional sale?

What is the difference between mortgage by conditional sale?

In the conditional sale mortgage, only some interest in the property is transferred to the mortgagee while in the sale with condition of retransfer mortgage, all the interest in the property is transferred except a personal right of repurchase.

What is mortgage by conditional sale?

—Where, the mortgagor ostensibly sells the mortgaged property— on condition that on default of payment of the mortgage-money on a certain date the sale shall become absolute, or on condition that on such payment being made the sale shall become void, or on condition that on such payment being made the buyer shall

What is the difference between sale and mortgage?

Mortgage deed is executed when you are obtaining a loan against a immovable property. … Whereas in a sale deed you are transferring your entire right, title, interest n ownership over the immovable property to the purchaser absolutely for a valid consideration.

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What is the difference between contract to sell and deed of conditional sale?

In a contract of conditional sale, the buyer automatically acquires title to the property upon full payment of the purchase price. … In a contract to sell, transfer of title to the prospective buyer is not automatic. The prospective seller must convey title to the property through a deed of conditional sale.

Who has possession in mortgage by conditional sale?

The act provides that- where, the mortgagor ostensibly sells the mortgaged property. On condition that such payment being made the buyer shall transfer the property to the seller, The transaction is called the mortgage by conditional sale and the mortgagee a mortgagee by conditional sale[4].

What is the meaning of conditional sale?

A sale in which the purchaser receives possession of and the right to use certain goods, but title remains with the seller until the performance of a condition is met by the buyer. Usually, this condition is the buyer’s full payment of the purchase price. An installment contract is typically a conditional sale.

What is a conditional mortgage?

What Does Conditionally Approved Mean? Conditional loan approval means that your mortgage underwriter is mostly satisfied with your mortgage application. They are willing to approve your mortgage so long as you can meet their pending conditions.

Is possession transferred in mortgage by conditional sale?

In a mortgage by conditional sale title remains with the mortgagor and on payment of the mortgage money he gets back possession over the mortgaged property. … In the Supreme Court case the term was that on payment being made the transferor will get back Possession of the property dealt with by that document.

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What are the essential elements of mortgage by conditional sale?

There are various kinds of mortgages in India.

  • Simple Mortgage: Section 58 (b) …
  • Mortgage by conditional sale Section 58 (c)[
  • Usufructuary mortgage Section 58 (d): …
  • English mortgage Section 58 (e): …
  • Mortgage by deposit of title-deeds Section 58 (f): …
  • Anomalous mortgage Section 58 (g)

Do you have to pay mortgage when house is for sale?

When you sell the house, you must deliver a clean title, which means that your mortgage (as well as any other liens) must be paid off. The unpaid interest that accrues on your mortgage will be added to the balance that you must pay. … This means you will pay more for your next mortgage.

What should you not fix when selling a house?

Your Do-Not-Fix list

  1. Cosmetic flaws. …
  2. Minor electrical issues. …
  3. Driveway or walkway cracks. …
  4. Grandfathered-in building code issues. …
  5. Partial room upgrades. …
  6. Removable items. …
  7. Old appliances.

What do you mean by sale under transfer of property?

Q1. What is Sale ? Ans. According to section 54 of Transfer of Property Act 1882 sale is defined as – “Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part- promise.”

Is conditional sale deed valid?

Conditional sale deed not valid. Once property sold, seller looses all rights in property. You can do sale deed that possession will given on future date. … 1) Conditional sale deed depends upon the execution of the sale deed according to terms and conditions deed.

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What is a conditional sale contract?

Conditional sale is similar to hire purchase. The agreement usually includes the condition that the goods don’t belong to you until you’ve paid the final instalment and the lender may be able to repossess (take back) the goods if you fall behind with payments.

What is conditional deed of sale Philippines?

In conditional deed of sale, ownership is only transferred after the purchase price is fully paid or the fulfillment of the condition and the execution of a definite or absolute deed of sale are made. . . .