Quick Answer: What Do You Mean By Transfer Of Property?

What is charge under 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 ….

What is marshalling in Transfer of Property Act?

Section 81 of the Transfer of Property Act, deals with the doctrine of Marshalling of securities. … ii)and then mortages one or more of the properties to another person, in such a case, the subsequent mortage is entitled to have prior mortage-debt satisfied out of property or properties which are not mortaged to him.

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 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.

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 the difference between sale and gift?

DISTINCTION BETWEEN SALE AND GIFT. … But in sale the ownership is transferred in exchange for a price i.e. the consideration is money. In gift, the ownership of an immovable property is transferred without any kind of consideration.

What is onerous gift?

Where a gift in the form of a single transfer to the same person of several things of which one is, and the others are not burdened by an obligation, the donee can take nothing by the gift unless he accepts it fully.

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 Contract Act, 1872. And sections 54, paragraphs 2 and 3, 59, 107 and 123 shall be read as supplement to the Registration Act, 1908. “Transfer of property” defined 5.

Who is ostensible owner?

Ostensible Ownership is the concept which allows family members to purchase property in the name of another member in the family for the future protection of the person. The concept of ostensible owner is mentioned under sec 41 of Transfer of Property Act.

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.

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.

What is Operation of transfer?

In respect of operation of transfer, The Transfer of Property Act, 1882 provides that in the absence of any evidence of any contrary intention, it shall be held that the transferor intended to transfer all his interest in the property and incidental rights known as legal incidents.

Who can use doctrine of part performance?

—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 …

How is a sale different from other modes of transfer of property?

Sale– It’s an out-and-out transfer of property And also the consideration is money. Mortgage– It’s a transfer of a limited interest during a property. Lease– A lease may be a transfer of a right to enjoy the immovable property for a particular time. Exchange– It’s the same as sale, but differ in consideration.

What is doctrine of part performance?

Doctrine of part performance safeguards transferee under Transfer of Property Act. … In case the transferee is already in possession of the property, he should continue in possession in part performance of the contract and must have also done some act in furtherance of the contract.

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).

Which person Cannot transfer his interest in business?

Transfer of interestb is possible in case of business businessman can transfer his business to another persoon. But in case of. eg – a professional say a doctor cannot transfer his/her medical degree to anotherv person and make him / her a doctar.

What is transfer section?

—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 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.