TRANSFER OF PROPERTY ACT
VARIOUS SECTIONS RELATED TO VALUERS
Under the Transfer of Property Act, of 1882, property can be transferred in several modes.
Here are the key modes of transfer:
1. Sale (Section 54)
Definition: A transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.
Key Features:
• Both movable and immovable properties can be sold.
• For immovable property, the transfer must be by a registered instrument if the value exceeds ₹100.
2. Mortgage (Sections 58-104)
Definition: The transfer of an interest in specific immovable property for the purpose of securing the repayment of money advanced or to be advanced, or performance of an engagement.
Types of Mortgages:
• Simple mortgage
• Mortgage by conditional sale
• Usufructuary mortgage
• English mortgage
• Equitable mortgage (Mortgage by deposit of title deeds)
• Anomalous mortgage
3. Lease (Sections 105-117)
Definition: The transfer of a right to enjoy immovable property for a certain period, in consideration of a price paid or promised.
Key Features:
• Both movable and immovable properties can be leased.
• For leases longer than a year, a registered document is required.
4. Exchange (Section 118)
Definition: A transfer of ownership in property between two persons, with one property being exchanged for another.
Key Features:
• Similar to a sale, but instead of money, property is exchanged.
• The process of exchange for immovable property is governed similarly to that of sale.
5. Gift (Sections 122-129)
Definition: The transfer of property without any consideration (i.e., without payment) from one person to another.
Key Features:
• The gift must be made voluntarily and without consideration.
• Acceptance of the gift is essential for its validity.
• A gift of immovable property must be registered.
6. Actionable Claim (Sections 130-137)
Definition: A claim to any debt or any beneficial interest in movable property not in the possession of the claimant.
Key Features:
• Examples include the transfer of rights under a contract, insurance policies, or money owed under a judgment.
• The transfer must be in writing and signed.
Each of these modes has its own procedures and formalities, particularly with respect to registration and documentation, under the TPA.