Transfer of Property Act, 1882 — section 54

54. “Sale” defined..—“Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. 1 Ins. by Act No. XX of 1929, s. 16. Sale how made. 1Such transfer, in the case of tangible immoveable property of the value of one hundred rupees and upwards, or in the case of a reversion or other intangible thing, can be made only by a registered instrument. 1 In the case of tangible immoveable property, of a value less than one hundred rupees, such transfer may be made either by a registered instrument or by delivery of the property. Delivery of tangible immoveable property takes place when the seller places the buyer, or such person as he directs, in possession of the property. Contract for sale. A contract for the sale of immoveable property is a contract that a sale of such property shall take place on terms settled between the parties. It does not, of itself, create any interest in or charge on such property.