What Are The Essential Features Of Transfer Of Property Act?

What property means?

Property is a term describing anything that a person or a business has legal title over, affording owners certain enforceable rights over said items..

Can a right to sue be transferred?

A mere right to sue, as for instance, in respect of damages for breach of contract, or for tort, cannot be transferred. The object of the prohibition is to prevent gambling in litigation. Moreover, a right to sue is personal to the party aggrieved.

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 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 4 property rights?

This attribute has four broad components and is often referred to as a bundle of rights: the right to use the good. the right to earn income from the good. the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation)

What is vested interest in transfer of property?

Vested interest is when an interest in a property is transferred in favour of a person without specifying the time or a specific condition. Such interest must vest in the person on happening of an event which is bound to happen.

How do I transfer property in India?

Property ownership can be transferred in two ways:• Voluntary Transfer. • Involuntary Transfer. … Sale Deed. This is the most popular method of property transfer in India. … Gift Deed. … Relinquishment Deed or Release Deed. … Partition Deed or Settlement Deed. … Inheritance or WILL Deed.

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 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 do I transfer my house from father to son?

Transfer of Property from a Father to his only Son ( assuming that this Property is self acquired & that your biological mother is alive & has no objection to such transfer) during the Father’s lifetime is best done through a Gift Deed duly stamped & executed.

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).

Is stamp duty payable on transfer of property?

Stamp duty is charged on the instruments used in the transfer of property – that is, on the conveyance documents that transfer ownership of the property. … It is also payable on non-residential property, that is, land or housing sites without residential buildings – see Rates below.

Which properties Cannot be transferred?

Transfer of Property Act, 1882 An interest in property restricted in its enjoyment to the owner personally cannot be transferred by him. A right to future maintenance, in whatsoever manner arising, secured or determined, cannot be transferred. A mere right to sue cannot be transferred.

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 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.

What are the essential of valid transfer?

Essentials of A Valid Transfer The Transfer must be inter vivos. Therefore there cannot be a transfer to person not in existence at the time of transfer. The living person including company or Association or body of individuals whether incorporated or not. … The consideration or object of the transfer must be lawful.

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.

How many sections are there in Transfer of Property Act?

—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.