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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