Question: What Do You Mean By Transfer Of Property?

What are the essentials of valid transfer?

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..

How can property be transferred?

1 – Sale Deed. This is the most popular way of transferring the property. … 2 – Gift Deed. A gift is money or house, shares, jewellery etc. … 3 – Relinquishment Deed / Release Deed. … 4 – Partition Deed / Settlement Deed. … 5 – Inheritance / WILL Deed.

How do I transfer my house to a family member?

Sole owners who wish to transfer ownership to a family member must fill out a gift deed. If the property is owned by two or more family members, and ownership is being transferred to just one of them, then a quitclaim deed is used instead.

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 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 …

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.

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 …

Which is not a transfer of property?

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.

What is transfer as per Transfer of Property Act?

The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. … The person may include an individual, company or association or body of individuals, and any kind of property may be transferred, including the transfer of immovable property.

Who is not competent to transfer of property?

A person who is usually of unsound mind but occasionally of sound mind may make contract when he is of sound mind. An insolvent and alien enemy is disqualified from contracting. A transfer by a defacto Guardian of minor’s property is invalid and will be hit by section 11 of Hindu minority and guardianship Act, 1956.

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.

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.

Who is ostensible owner?

An ostensible owner means a person who appears to be the owner of a particular property but is not. He is not a trespasser or person having unlawful possession of the property. He behaves like the owner of the property with the consent or conduct of the real owner itself.

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.

Can I transfer property to a company?

If you transfer the property from yourself to a company (effectively the company buys the property): the company could be liable to pay Stamp Duty; you may have to pay up to 28% capital gains tax (CGT) on the difference between your original purchase price and your sale price.

How do you transfer property in blood relations?

Any movable or immovable property can be transferred within blood relations without any consideration via a gift deed or a Will. The advantages of having a gift deed is that it can be executed during the lifetime of a donor, unlike a Will which comes into effect only after the death of the testator.

How long does it take to transfer ownership of a property?

It usually takes four to six weeks to complete the legal processes involved in the transfer of title.