Question: What Is Sale As Per The Transfer Of Property Act 1882?

How can immovable property be transferred?

Transfer of immovable property may happen only in certain ways.

They can either be through sale, mortgagee, lease, and gifts or through actionable claims.

These are modes of transfer.

Contract of sale of immovable property is basically a contract, which states terms for the permanent transfer of property..

When was the Transfer of Property Act received its assent?

The Transfer of Property Act received its assent on (d) 27th February, 1882.

What do you mean by transfer of property act?

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 are the modes of transfer of property?

There are various modes of transferring ownership of property: permanently by 1) relinquishment 2) sale 3) gift; and temporarily by way of 4) mortgage 5) lease and, 6) leave and license agreement.

What are the essential features of Transfer of Property Act?

The consideration or object of the transfer must be lawful. No transfer can be made for an unlawful object or consideration as provided in Section 23 of the Indian Contract Act, 1872. 6. The transfer must not be opposed to the nature of the interest effected thereby.

What is charge on the property?

A charging order secures a debt you have with a creditor against your property. This means if you sell or remortgage your home before the debt is cleared the charging order will be paid off from the proceeds. A creditor can only get a charging order if they already have a County Court judgment (CCJ) against you.

What property may be transferred and what property Cannot be transferred?

Stipends related to Military, Naval, Air Forces, Civil Prisoners, government pensions, etc are personal rights and cannot be transferred. General rule of Transfer of Property is that property of any kind can be transferred from one person to another.

How a person can transfer property to himself?

For testamentary succession, the Indian Succession Act, 1925 is applicable. A conveyance is a transfer of the property from one living person to another. … Property may be conveyed to one or more other living persons, or to himself, or to himself and one or more other living persons.

Which of the following is the time limit given under Section 17 of the Transfer of Property Act 1882?

eighteen years(b) a period of eighteen years from the date of transfer, such direction shall, save as hereinafter provided, be void to the extent to which the period during which the accumulation is directed exceeds the longer of the aforesaid periods, and at the end of such last-mentioned period the property and the income thereof …

Which of the following properties can be transferred under the Transfer of Property Act 1882?

The Transfer of Property Act defines a transfer as an “act by which a living person conveys property, in present or in future, to one or more living person or to himself and one or more other living persons”[1] The TPA governs five types of transfers i.e. sale, mortgage, lease, exchange and gift of immovable property …

How are property charges created?

When a bank provides loan to a company, it requires collateral to ensure the principal amount repayment and interest thereon. The amount is thus secured by creating interest or lien in favour of the bank on the property held by the company. The interest thus created is known as charge.

What is a transfer document?

A Transfer Document is signed by the seller when the conveyancing process has been completed. The seller will need to sign a Transfer Document and submit this to the purchaser’s conveyancing solicitor. This is when the contracts can be exchanged between both parties.

Does Transfer of Property Act apply to movable property?

Also this Act deals with a transfer of property inter vivos, i.e., a transfer between living persons. It contains transfer of both movable and immovable property but a major portion of the enactment is applicable to the transfers of immovable properties only. The Act is not exhaustive.

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 …

What are the kinds of property?

Types of PropertyMovable and Immovable Property.Tangible and Intangible Property.Private and Public Property.Personal and Real Property.Corporeal and Incorporeal Property.

Who is ostensible owner?

Definition: Ostensible owner is the person who is though not the real owner but has all incidents and/or characteristics as the real owner. The person on the face of it i.e apparently looks like the real owner but in fact he is not the real owner.

How many sections are there in the Transfer of Property Act 1882?

—The Chapters and sections of this Act which relate to contracts shall be taken as part of the Indian Contract Act, 1872 (9 of 1872). 1[And section 54, paragraphs 2 and 3, and sections 59, 107 and 123 shall be read as supplemental to the Indian Registration Act, 2[1908 (16 of 1908)].] 5. “Transfer of property” defined.

What is charge in 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 …

Can a charge on a property be transferred?

A charge can be created by act of parties or by operation of law; but a mortgage can be created merely by act of parties. … Besides there is a transfer of interest in the property mortgaged, in a charge there is no such transfer.

What is vested interest under Transfer of Property Act?

Section 19 of the Transfer of Property Act, 1882 states about Vested Interest. It is an interest which is created in favour of a person where time is not specified or a condition of the happening of a specified certain event. … For example, A promises to transfer his property to B on him attaining the age of 22.

What is rule against perpetuity in India?

Introduction. Rule against perpetuity has been dealt under section 14 of Transfer of Property Act, 1882. Perpetuity simply means “indefinite Period”, so this rule is against a transfer which makes a property inalienable for an indefinite period.