Transfer of property act, 1882 and key factors about it.

Immovable property is most likely to be transferable. However, immovable property excludes timber, growing grass and crops. You can transfer permanently attached property under section 3 (26). Under this section, the  land, all the benefits that come out of the land and anything permanently fastened to earth is transferable. It simply creates security that is enforceable in court. It ought to be in writing to create a charge. All the movable property that is not transferable are hereditary allowances, rights to ways, ferries and fisheries. Immovable property is ix parts, that are sales, mortgage, actionable claims, lease exchange and gift changes.

Transfer of property act, 1882.

Transfer of property acts was first enacted on the 17th February and commenced on 1st July, 1882. The title is quite self-explanatory. This act enables the transfer of property from one person to another. A living person gives his/her property in the present and future. He is capable of giving it to himself, one or more people. Property is transferable to a company or an organisation. This transfer includes all the immovable and movable property. You can transfer all interest but if the transferor has different interests, then there can be an exception. Transfer of property is under section 5 of TPA, 1882.

Elements of transfer of property act and how to transfer it.

There are various elements in transfer of property act. These elements are; Property is transferable only to a living or a juristic person. Juristic person is a lawful citizen whom you can bring to court. They could be an individual or a firm. Transfer can be in the present or in the future. It is as per the convenience of the transferor. Therefore, it takes place when there is creation of a new title. Only the property must be transferable. The process of transferring is fairly simple. Transferor has to prove that he has the authority to transfer the property. Therefore, they must act upon it in good faith. He has to acquire interest in the property that he transfers.

Comments

mood_bad
  • No comments yet.
  • Add a comment