"Sale" defined.- "Sale"
is a transfer of ownership in exchange for a
price paid or promised or part-paid and part-promised.
Sale how made:
Such transfer, in the case of tangible immovable
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.
In the case of tangible immovable
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 immovable
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 immovable 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.