- What do you mean by transfer of property act?
- What is transfer of property act in India?
- What is a transfer document?
- Is stamp duty payable on transfer of property?
- How many sections are there in Transfer of Property Act?
- What are the modes of transfer of property?
- Who is an ostensible owner?
- What property means?
- What is vested interest in transfer of property?
- Can a right to sue be transferred?
- How a person can transfer property to himself?
- What may be transferred under TPA?
- What is doctrine of part performance?
- What is oral transfer?
- What are the properties that Cannot be transferred?
- Who is competent to transfer the property?
- What are the kinds of property?
- Can future property be transferred?
- What is Operation of transfer?
- How do I transfer property in India?
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..
What is transfer of property act in India?
The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. … According to the Act, ‘transfer of property’ means an act by which a person conveys the property to one or more persons, or himself and one or more other persons.
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.
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.
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.
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 an ostensible owner?
Ostensible means something that is not real or true. Therefore ostensible owner means a person who is not the real owner of the property he represents the real owner in transfers made to the third party. Such a representation is based on the consent of the real owner. Such consent may be express or implied.
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.
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.
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 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 may be transferred under TPA?
The act of transfer may be done in the present or for the future. 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. … It includes movable, immovable, tangible and intangible assets.
What is doctrine of part performance?
Doctrine of Part Performance is an equitable doctrine and it is incorporated to prevent fraud and from taking illegal advantage on account of non-registration of the document. This Doctrine is based on the maxim, Equity look at as it is done which ought to have been done.
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.
What are the properties that Cannot be transferred?
Section 6 in the Transfer of Property Act, 1882 states thatAnalysis. Lets further look into the exceptions for transferring the property. … A mere right of re-entry for a breach of a condition subsequent. Mr. … An Easement. An easement cannot be transferred. … Future Maintenance. … Right to sue. … Public Office. … Stipends. … Case Laws.More items…
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 kinds of property?
Types of PropertyMovable and Immovable Property.Tangible and Intangible Property.Private and Public Property.Personal and Real Property.Corporeal and Incorporeal Property.
Can future property be transferred?
Every person, who is competent to contract, is competent to transfer property, which can be transferred in whole or in part. … The right may be either absolute or conditional, and the property may be movable or immovable, present or future.
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.
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.