08-29-2012, 04:45 PM
1. Introduction:
Under transfer of property act every person is competent to contract, authorized to dispose transferable property or is entitled to transferable property. transfer of property act deals with the transfer of moveable property. generally transfer of property is made by the owner of property.
2. Relevant provisions:
Sec. 5, 8 transfer property act.
3. Definition of transfer of property:
According to sec. 5 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 and one more other living person and :to transfer property: is to perform such act.
Explanation:
Living person: includes a company or association or body of individual, whether incorporated or not, but nothing here incorporated shall effect any law for the time being law force relating to transfer of property yo or by companies, associations or body of individuals.
4. Essentials of valid transfer:
I. Competency of transferor:
Transferor should be competent to transfer the property.
(i) Major
(ii) Sound minded
(iii) Not disqualified by law
II. Competency of transferee:
The transferee must be capable of holding property and must not be a person disqualified by law to receive a transfer.
III. Transfer must be between living person:
It is necessary that transfer must be made by one living person to another living person.
IV. Existence of property:
For a valid transfer the property must be in existence at the time of transfer.
V. Lawful object:
The object of transfer of property must be lawful.
VI. Lawful consideration:
The consideration must also be lawful. law does not recognize a transfer made for an unlawful consideration.
VII. Property must be transferable:
Property must be transferable under Sec. 6 of the transfer of property act.
VIII. Identical:
Transfer and transferee must be identical.
IX. Other formalities:
(i) Attestation.
(ii) Registration etc.
X. Immoveable property:
Transfer must be concerned with immoveable property.
5. Modes of transfer of property under transfer of property act 1882:
Under transfer of property act there are six modes of transfer of property which are following.
(i) Sale
(ii) Mortgage
(iii) Lease
(iv) Exchange
(v) gift
(vi) actionable gift.
6. Effect:
Operation of transfer
According to Sec. 8
Unless a different intention is expressed or necessarily implied, a transferee all the interest which the transferor is then capable a passing in the property and in the legal incidents there of. such incidents include, where the property is land, the easement there to the rents and profit there of accruing after the transfer and all things attached to earth and where the property is machinery attached to the earth, the moveable parts thereof and where the property is house, the easement annexed thereto the rent thereof, accruing after the transfer and the locks, keys, bars, doors, windows and all other thing provided for permanent use there with and where the property is debt or other actionable claim, the securities therefore except where they are also for other debt or claims not transferred to the transferee, but not arrears of interest accured before the transfer, and where the property in is money or other property yielding, income the interest of income thereof accruing after the transfer takes effect.
7. Conclusion:
To conclude I can say that transfer of property is to convey property whether moveable or immoveable by one person to another person. it is effected by transfer of ownership and all rights vesting in the property by free consent and voluntary action of the parties.
Under transfer of property act every person is competent to contract, authorized to dispose transferable property or is entitled to transferable property. transfer of property act deals with the transfer of moveable property. generally transfer of property is made by the owner of property.
2. Relevant provisions:
Sec. 5, 8 transfer property act.
3. Definition of transfer of property:
According to sec. 5 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 and one more other living person and :to transfer property: is to perform such act.
Explanation:
Living person: includes a company or association or body of individual, whether incorporated or not, but nothing here incorporated shall effect any law for the time being law force relating to transfer of property yo or by companies, associations or body of individuals.
4. Essentials of valid transfer:
I. Competency of transferor:
Transferor should be competent to transfer the property.
(i) Major
(ii) Sound minded
(iii) Not disqualified by law
II. Competency of transferee:
The transferee must be capable of holding property and must not be a person disqualified by law to receive a transfer.
III. Transfer must be between living person:
It is necessary that transfer must be made by one living person to another living person.
IV. Existence of property:
For a valid transfer the property must be in existence at the time of transfer.
V. Lawful object:
The object of transfer of property must be lawful.
VI. Lawful consideration:
The consideration must also be lawful. law does not recognize a transfer made for an unlawful consideration.
VII. Property must be transferable:
Property must be transferable under Sec. 6 of the transfer of property act.
VIII. Identical:
Transfer and transferee must be identical.
IX. Other formalities:
(i) Attestation.
(ii) Registration etc.
X. Immoveable property:
Transfer must be concerned with immoveable property.
5. Modes of transfer of property under transfer of property act 1882:
Under transfer of property act there are six modes of transfer of property which are following.
(i) Sale
(ii) Mortgage
(iii) Lease
(iv) Exchange
(v) gift
(vi) actionable gift.
6. Effect:
Operation of transfer
According to Sec. 8
Unless a different intention is expressed or necessarily implied, a transferee all the interest which the transferor is then capable a passing in the property and in the legal incidents there of. such incidents include, where the property is land, the easement there to the rents and profit there of accruing after the transfer and all things attached to earth and where the property is machinery attached to the earth, the moveable parts thereof and where the property is house, the easement annexed thereto the rent thereof, accruing after the transfer and the locks, keys, bars, doors, windows and all other thing provided for permanent use there with and where the property is debt or other actionable claim, the securities therefore except where they are also for other debt or claims not transferred to the transferee, but not arrears of interest accured before the transfer, and where the property in is money or other property yielding, income the interest of income thereof accruing after the transfer takes effect.
7. Conclusion:
To conclude I can say that transfer of property is to convey property whether moveable or immoveable by one person to another person. it is effected by transfer of ownership and all rights vesting in the property by free consent and voluntary action of the parties.