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    Tuesday, 13 January 2015

    Transfer of Property, its effect and how can Transfer a Property


    1. INTRODUCTION.
    Under transfer of property act 1882 every person who is competent for contract can transfer the property. He is entitled to transfer the property which is immoveable. Generally transfer of property is made by the owner of the property. Who is not owner, he cannot transfer the peoperty. Transfer of property act 1882 has provided some provisions about transfer of property. Transfer of property act deals immoveable property. It is necessay that such transfer must be made by one living person to another living person.

    2. RELEVANT PROVISION.
    Section 5 to 8 of transfer of property act 1882.

    3. MEANING OF TRANSFER.
    Convey of one thing from one person to another person os called transfer.

    4. MEANING OF PROPERTY.
    The right to possess, use and enjoy a determinate thing; the right of ownership.
    OR.
    The ownership of any thing is called property.

    5. DEFINITION OF TRANSFER OF PROPERTY UNDER SECCTION 5 OF TRANSFER OF PROPERTY ACT 1882.


    Transfer of property menas an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, or to himself and one or more other living person and, to transfer property is to perform such act.
    OR.
    Transfer of property means, a living person transfer his property to another living person himself or by his agent. It may be transfer in present or in future.

    EXPLANATION.
    Person means a company, or an association or a bank or a body indivdual.
    OR.
    Living person includes a company or association or body of individual, whether incorporated or not, but nothing here in contained shall effect any law for the time being law force relating to transfer of property to or by companies, associations or body of individuals.

    6. ESSENTIALS OF VALID TRANSFER.

    Follwoing are the essentials of valid transfer are as under.

    (I). COMPETENCY OF TRANSFEROR.
    In transfer of property, competency of transferor is must.
    • Major
    • Sound mind
    • No disqualified by law
    • Ownership


    (II). COMPETENCY OF TRANSFEREE.
    The transferee must be competent about holding the property, he must not be disqualified by law.

    (III). TRANSFER MUST BE BETWEEN LIVING PERSONS.
    Transfer must be perform between teh living persons.

    (IV). EXISTING OF PROPERTY.
    Existing of property is a valid element of transfer of property.

    (V). LAWFUL OBJECT.
    In transfer of property the object of transfer of property must be lawful. If objects are not lawful, property cannot be transferred.

    (VI). LAWFUL CONSIDERATION.
    Lawful consideration regarding transfer of property is must.

    (VII). PROPERTY MUST BE TRANSFERABLE.
    According to section 6 os transfer of property act 1882, the property must be transferable if property is not transferable, it cannot be transfer

    (VIII). IDENTICAL.
    Transferor and transferee must be identical and property which are being transfer must be also identical.

    (IX). ATTESTATION.
    Attestation is also an important essential about the transfer of property.

    (X). REGISTRATION.
    In transfer of property, registration of transfer of property is very necessary.

    (XI). IMMOVEABLE PROPERTY.
    Transfer must be concerned with immoveable property.

    7. EFFECT OF TRANSFER OF PROPERTY.

    Following points are important for explanation of effect of transfer of property.

    (I). TRANSFER OF RIGHT.
    An effect of transfer of property can be that all rights, which a person possesses in property, are transferred to another person.

    (II). TRANSFER OF OWNERSHIP.
    In some cases, an effect of transfer of property can be that ownership of property is transferred from one person to another person.

    (III). TRANSFER OF INTERESTS.
    Unless different intention is expressed or necessarily implied, transfer of property posses all those interests to transferee in legal incidents when transfer is capable of passing such interests in property and legal incidents can include easement rights, rents and benefits.

    8. WHO CAN TRANSFER PROPERTY OR WHO IS COMPETENT TO TRANSFER PROPERTY.

    According to transfer of property act 1882 following persons are competent to transfer property.

    (I). COMPETENT AND ENTITLED PERSON.
    A person, who is competent to contract and is entitled to transferable property, is considered competent to transfer property.

    (II). AUTHORIZED PERSON.
    A person, who is authorized to dispose of that transferable property, which does not belong to him/her, is considered competent to transfer the property.

    9. KINDS OF PROPERTY.

    Following are two kinds of property are as under.

    (I). MOVEABLE PROPERTY.
    Moveable property means which is that property that is not attach with land that is called moveable property.

    (II). IMMOVEABLE PROPERTY.
    Immoveable property means which is that property that is attach with land that is called immoveable property.

    10. MODES OF TRANSFER OF PROPERTY UNDER TRANSFER OF PROPERTY ACT 1882.

    Under transfer of property act 1882 there are 6 modes of transfer of property which are following.
    • Sale
    • Mortgage
    • Lease
    • Exchange
    • Gift
    • Actionable claim


    11. CONCLUSION.

    In the end we can say that transfer of property act 1882 deals the transfer the property. Section 5 to 8 of transfer of property act 1882 deal the transfer of property. According to section of transfer of property act 1882 that only living person can transfer the property to another living person. It may be transfer present or in future. Immoveable property must be transferable. Transfer of property means the transfer of ownership from one person to another person. It must be lawful and sonsideration will also be lawful. 
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    Item Reviewed: Transfer of Property, its effect and how can Transfer a Property Rating: 5 Reviewed By: Usman Ali
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