The Transfer of Property Act, 1882 regulates the property transfer in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it. In simple, the transfer of property is an act in which a person conveys the property to another or more persons. This may include an individual, company or association or a body of individuals wherein any kind of property can be transferred including immovable property.
In India, transactions relating to transfer, selling, purchasing or creating an interest in any property, including the change of property title, are governed by several, rules and regulations made by the Central and State Governments. The Transfer of Property Act, 1882 does not govern transfer of property by operation of law such as sale by order of a court, auction as well as transmission of property title of a person dying. This such a case, succession laws as per the religion of the deceased person will be applicable.
Different Types Of Property Transfer In India
Here are the different types of property transfers according to the Transfer of Property Act, 1882:
According to section 54 of the Transfer of Property Act, 1882, sale of transfer refers to the ownership in exchange for a price paid or promised or part-paid and part-promised. Basically, in a sale there exists an absolute transfer of all rights in the property sold.
Elements And Modes Of Sale Transfer
A sale of transfer comprises of:
- The parties.
- The subject matter.
- The price or consideration.
Modes Of Sale Transfer
There are two modes of sale transfer namely:
- By registered instrument; and
- Delivery of possession.
Section 58 of the Transfer of Property Act defines a mortgage as the transfer of an interest in a specific immovable property, for the purpose of securing payments of money advanced in the form of a loan, future debt or performance of an engagement. Thus, a mortgage is a transfer of an interest in specific immovable property that acts as a for of security for the repayment of your debt. In order to facilitate a mortgage, it is necessary to specify the immovable property. Your description must be sufficient enough to identify the property according to the requirements of the Registration Act, 1908.
Section 118 of the Transfer of property Act, 1882 states that, when two persons mutually transfer one thing for the ownership of another, neither thing or both things being money only, such a transaction is called exchange under the Act. However, it is not limited to immovable property. The word exchange not only means exchange of lands, but also exchange of goods.
Section 122 of the Transfer of Property Act defines the word Gift as the transfer of certain existing movable or immovable property made voluntarily by one person, called the donor, to another called donee and therefore accepted by or on behalf of the donee. Such an acceptance must be made during a lifetime of the donor and while he is still capable of giving. In case the donee expires before acceptance, the gift will be considered as void. A gift given for immovable property to a minor, is complete when it is accepted by a person on behalf of the minor and applies his thumb impression on the gift-deed in token of acceptance.
Section 105 of the Transfer of Property Act, 1882 states that a lease of immovable property is a transfer of a right to such property, for a certain time in consideration of the price paid or promised or any other thing of value, to be rendered periodically on specific occasions to the transferor by the transferee, who accepts the transfer on such terms.
In simple a lease is a contract that outlines the terms under which one party agree to rent property owned by another party. It guarantees the transferor, tenant, use of an asset and guarantees the transferor, the property owned or landlord, regular payments from the transferor for a specific number of months or years.
Section 52 of the India Easements Act, 1882, defines the terms licence as, “ where one person grants to another, a right to do, or continue to do, upon immovable property of the grantor, something which would in the absence of such a right, be termed unlawful, and such right does not amount to an easement or as interest in the property, such a right can be referred to as a licence. In simple, it is a permission to stay on an immovable property without which the stay would be accounted to as trespassing.
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