Quick Answer: What Do You Understand By Transfer Of Property?

What are the two main types of property?

Real and Personal Property Overview There are two basic categories of property: real and personal.

The assessment procedures and the tax rate will vary between these two categories.

Real property, in general, is land and anything permanently affixed to land (e.g.

wells or buildings)..

What is the significance of transfer of ownership?

In a contract of sale, the precise moment at which property or ownership in goods passes from the seller to the buyer is of great importance because, it has multiple legal ramifications. This is so because it is the ownership or title in goods that dictates the legal course in several extraordinary circumstances.

What do you understand by the term property?

Property is a term describing anything that a person or a business has legal title over, affording owners certain enforceable rights over said items. … But properties can simultaneously be liabilities in some situations.

What is oral transfer?

Oral transfer. —A transfer of property may be made without writing in every case in which a writing is not expressly required by law. The Section 9 of Transfer of Property act is\also related with some other sections such as: Section 54 in The Transfer of Property Act, 1882. 54.

How a person can transfer property to himself?

The word “living person” includes corporations and other association of person. A transfer can be made by a person to himself, as for instance when a person vests property in trust and himself becomes the whole trustee.

What is property and its types?

Private and Public Property Besides that, a property is considered private property when it is owned by an individual or by a juristic person for personal use and benefit. Any tangible or intangible property owned by an individual or corporation e.g., land, building, copyrights, patents, etc.

Who can transfer?

Such transfers are called conditional transfer. 10. to one or more other living persons • A transferor may transfer his property to any one / single person or it may be transferred to more than one person. If there are more than one transferee they will get joint rights.

What are the essential features of Transfer of Property Act?

The transfer must be between two or more living persons Section 5 of the Transfer of Property Act, 1882 describes the first essential of a valid transfer. The transfer of property must take place between two or more persons who are living or it must take place inter vivos.

What is charge under Transfer of Property Act?

Section 100 of the TPA, 1882 defines charge as, “Where immovable property of one person is by an act of parties or operation of law made security for the payment of money to another, and the transaction does not amount to a mortgage, the latter person is said to have a charge on the property; and all the provisions …

What are the 3 types of property?

In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).

What are the essential elements of a transfer?

Essentials of A Valid TransferTransfer must be between two or more living Persons (Section.5) … The property must be transferable (Section. … Persons competent to transfer (Section.7) … The Transfer must be made in the mode prescribed by the Act, under section 9. … The consideration or object of the transfer must be lawful.More items…

Which properties Cannot be transferred?

Right of re-entry cannot be transferred. An easement cannot be transferred. Easement is the enjoyment that the owner of the property holds with his property. Easement cannot be transferred.

What is Section 53a of Transfer of Property Act?

—Where any person contracts to transfer for consideration any immoveable property by writing signed by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty, and the transferee has, in part performance of the contract, taken possession of the …

How many sections are there in Transfer of Property Act?

137 sectionsThe Transfer of Property Act was introduced on February 17, 1882. It came into effect on July 1, 1882. The Act consists of eight chapters and 137 sections.

What is transfer of interest?

Basically, a transfer of interest is when title to property or assets change from one person to another. This is usually accomplished through a sale, though it can also happen by means of a gift. Transfers of interests usually refer to the exchange of real property, such as a home or apartment complex.

Who can transfer the property under the Transfer of Property Act?

“Transfer of property” defined. —In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, 1[or to himself] and one or more other living persons; and “to transfer property” is to perform such act.

What is doctrine of part performance?

Doctrine of part performance safeguards transferee under Transfer of Property Act. The Doctrine of Part Performance is a very important provision under the Transfer of Property Act. According to the statutory provisions, a person must have contracted to transfer immovable property for a consideration.

What is Operation of transfer?

Unless a different intention is expressed or necessarily implied, a transfer of property passes forthwith to the transferee all the interest which the transferor is then capable of passing in the property and in the legal incidents thereof.

What is meant by transfer of property?

In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself and one or more other living persons; and “to transfer property” is to perform such act.

Who is competent to transfer the property?

—Every person competent to contract and entitled to transferable property, or authorised to dispose of transferable property not his own, is competent to transfer such property either wholly or in part, and either absolutely or conditionally, in the circumstances, to the extent and in the manner, allowed and prescribed …