FEATURES AND KINDS OF TRANSFER UNDER THE TRANSFER OF PROPERTY ACT, 1882
Transfer of Property Act, 1882 defines that, the property will be delivered by a living person to one or more other people in the present date or in future times or to himself only.
The expression mentioned above “in present or in future” is deriving the meaning of the word ‘deliver’. There will be no transfer of future property. The transferee needn’t be a competent person like a transferor. A transferee can also be a minor, insane or child in a mother’s womb.
In this section “living person” includes “companies, private associations, which are registered or not, but nothing in this section affects the law while doing the transfer of property to any company or association or individual body”.
- Sale of immovable property:There is a transfer of ownership from the buyer to the seller in exchange for the price. Delivery of tangible property from the seller to the buyer.
- Mortgage of immovable property:The property gets transferred from the buyer to the seller in the form of a mortgage where the immovable property is mortgaged to secure a loan. The mortgagor has to pay the principal loan along with the interest to release the immovable property from the mortgage.
- Leases of immovable property: The possession of the property is being transferred from one person to another person for a fixed price in this scenario there is no transfer of ownership.
- Exchange of immovable property:When two persons mutually decide to transfer immovable property it would be referred to as an exchange of property.
- Gift of immovable property: According to the transfer of property Act, 1882, gift refers to a transfer of movable or immovable property violently or without the consideration, by one person that is donee, to donor transfer is accepted by and on behalf of the donee.
Features of Transfer of Property Act, 1882
- The preamble of the transfer of property Act lays down that it is related to the transfer of property by the act of the properties.
- The transfer of property act, 1882 provides a uniform and a clear law concerning the transfer of movable property from one living person to another living person by the act of parties.
- The Transfer of Property Act, 1882 is an extension of the Indian Contract Act,1872 because the contract act was recognized as an inexhaustive code.
- The transfer of property law is not a copy of the English transfer of property laws that was enacted based on socio-economic conditions of the country.
- The transfer of property Act, 1882 cannot be considered as totally exhaustive; it covers the transfer of immovable property from the act of parties.
- Transfer of property is subject to the concurrent list that provides power to both the state legislature and the parliament to pass laws related to the matter of transfer of property.
- The act covers five types of transfer of immovable property they are as follows: a) Mortgage b) gift c) sale d) actionable claims e) lease.
- The transfer of property Act, 1882 is a law that applies lex-loci to all people living in that jurisdiction, not like personal laws that differ from person to person.
- The transfer of property Act, 1882 is governed by various principles like justice, equity, and good conscience.
- Initially, at the time of implementation, the act didn’t apply to the State of Bombay, Punjab, and Delhi as because they had their own acts related to property matters. Currently, the transfer of property act doesn’t apply in Punjab; it complies with the rule of good conscience, equity, and justice.
- Transfer of property Act, 1882 highlights the provision of inter-vivos parallel to the existing laws relating to the testamentary and interstate transfer.
- The transfer of property act, 1882 is a general law and therefore it cannot prevail over the special laws passed by the parliament.
- Under the Transfer of Property Act, 1882 it mentions that absolute conditional restraint is void and partial conditional restraint on the transfer of property is valid.