TRANSFER OF PROPERTY ACT 1882
The Transfer of Property Act, 1882 is a law in India that regulates the transfer of property from one person to another. The act covers both immovable property such as land and buildings, as well as movable property such as stocks and shares. The act provides for various modes of transfer of property, including sale, mortgage, lease, gift, and exchange. It also lays down the rules for the creation, transfer, and extinction of certain interests in property, such as easements and charges.
Under the act, any transfer of property must be made by a registered instrument signed by the transferor and attested by at least two witnesses. The act also provides for the registration of documents relating to the transfer of property, which is mandatory in certain cases.
The Transfer of Property Act, 1882 has been amended several times since its enactment, to keep it in line with the changing needs of society. Its provisions are important for property owners, buyers, sellers, and other stakeholders, and are regularly invoked in property transactions and disputes.
Some of the key provisions of the act include:
1. Definition of property: The act defines property as any property that can be transferred from one person to another.
2. Modes of transfer: The act provides for various modes of transfer of property, including sale, exchange, gift, lease, and mortgage.
3. Conditions for transfer: The act lays down certain conditions for the transfer of property, such as the transferor must be competent to make the transfer, the property must be transferable, and the transfer must be made in accordance with the prescribed procedure.
4. Registration: The act mandates the registration of certain types of transfers of property, such as sales, leases, and mortgages.
5. Rights and liabilities of parties: The act prescribes the rights and liabilities of the transferor and transferee in case of transfer of property.
The Transfer of Property Act, 1882 is an Indian legislation that governs the transfer of property in India. The act defines and regulates the transfer of property, and lays down the rights and obligations of parties involved in such transactions.
The act applies to all types of properties, including both movable and immovable properties. It applies to transfers made by sale, mortgage, lease, exchange, gift, and other similar transactions.
Some of the important provisions of the act include:
1. Definition of Transfer of Property: The act defines transfer of property as an act by which a living person conveys property to one or more other living persons, or to himself and one or more other living persons.
2. Modes of Transfer: The act recognizes various modes of transfer such as sale, mortgage, lease, exchange, gift, and actionable claims.
3. Sale: A sale is defined as a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.
4. Mortgage: A mortgage is defined as the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan.
5. Lease: A lease is defined as a transfer of a right to enjoy immovable property for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee.
6. Gift: A gift is defined as the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee.
7. Actionable Claims: An actionable claim is defined as a claim to any debt, other than a debt secured by mortgage of immovable property or by hypothecation or pledge of movable property, or to any beneficial interest in movable property not in possession either actual or constructive, of the claimant.
8. Rights and Obligations of Parties: The act lays down the rights and obligations of parties involved in the transfer of property, including the transferor, transferee, and any third party affected by the transfer.
Overall, the Transfer of Property Act, 1882 is an important piece of legislation that governs the transfer of property in India and protects the interests of parties involved in such transactions.
FOR MANY MORE UPDATES AVAILABLE CLICK BELOW
CLICK THE BELOW LINK TO READ THE COMPLETE CONTENTS
SOME CONTENTS OF THIS WEBSITE ARE FOR GOLD SUBSCRIBERS ONLY.
Join us as a GOLD SUBSCRIBER and get access to read important books.
KIND ATTENTION
We are going to close all what’s groups of CEV soon due to difficulties in posting information or message in more than 5 groups of CEV at a time.
All future posts of empanelment notices & professional importance will be shared on
1. https://t.me/+dbHNkNO22xsyYTY1
2. www.valuerworld.com
3. The Twitter handle of CEV India
https://twitter.com/cevindia?t=XbqlvnwUVz1G3uPgs749ww&s=09
after closing the groups.
All members of these groups are requested to register themselves at the following link immediately for Getting all related timely updates