The Transfer of Property Act 1882, which simplifies the procedure of transferring property between people, normally governs how property is transferred.

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The Transfer of Property Act is what, exactly?

The Indian government drafted the Transfer of Property Act 1882, which went into effect on July 1 of that year. Every aspect of transferring property between living organisms is governed by law (inter vivos). Transfer of property, as defined under the act, is the conveyance of a property from one person to one or more persons, or to himself. The transfer may also involve a business, organisation, or group of people, and it may be agreed to carry out the property transfer (of an existing property) now or in the future.

Immovable and movable property is the two broad forms of property under the Indian legal system. Regulations for the transfer of both movable & immovable property are included in the Law of Transfer of Property Act. The act’s definition of “transfer” broadly refers to transfers made by a mortgage, exchange, gift, sale, assertible claim, or lease.

 

Key Specifics of the Transfer of Property Act of 1882

Find a few important facts about the Transfer of Property Act, 1882, below.

• The Transfer of Property Act was first introduced on February 17, 1882.
• On July 1st, 1882, the Transfer of Property Act was first put into effect.
• There are 137 provisions in eight chapters that make up the Transfer of Property Act.
• Before the Transfer of Property Act was introduced & put into effect, property transfers were governed by English law.
• The Transfer of Property Act of 1882 serves as the foundation for all property transfers in India.
• The primary purpose of the Transfer of Property Act was to address the transfer of immovable property. But there are also regulations governing the transfer of movable property in some of the sections.

Movable and immovable property: what are they?

Movable property is that which may be moved from one place to another without losing any of its functionality, capacity, or quantity. A few examples of movable property are personal items, vehicles, literature, standing wood, and growing grass or crops. Delivering movable property with the intent to transfer it is sufficient to transfer it. The Indian Registration Act of 1908 also makes the registration of movable property optional.

Immovable property is defined as property that cannot be moved and can only be relocated after being altered or destroyed. Immovable property includes things like real estate, houses, property rights, items affixed to the land, and so forth. The Immovable property cannot be transferred through simple delivery of the asset. It must be registered under the transferee’s name. According to the Indian Registration Act of 1908, it is required to register immovable property if its worth is greater than one rupee.

 

What does the Transfer of Property Act cover?

In general, there are two ways to transfer property: by a legal act or through an act of two or more parties. The Transfer of Property Act primarily regulates transfers of immovable property. However, transfers of property made by operation of law, such as those brought about by forfeiture, order-based sales, inheritance, or insolvency, are not covered by the law. In the event of a will or property succession, the Act does not apply to the division of property.

 

Who Is Entitled to a Property Transfer?

Section 7 of the Transfer of Property Act specifies the prerequisites for property transfers. According to the rule governing the transfer of property. Only those who have the legal capacity to enter into contracts with others are permitted to transfer property. Furthermore, even if they are not the actual owners of the property, the person wishing to transfer it should be authorised to do so.

A competent individual who is at least 18 years old must undertake any property transfer in addition to the aforementioned requirements. The individual transferring a property must be of sound mind. Not be legally barred from doing so, and not be drunk. In addition, property must be transferred between living things (it can be an association, a company or a body of individuals).

 

The Transfer of Property Act of 1882’s main components

The Transfer of Property Act of 1882’s main components is:

• A competent individual needs to transfer property. He or she must be a major or someone who is not legally barred, not inebriated, and of sound mind.
• Property must not be transferred before the title in order to be conveyed. Conveyance can be determined to be used in the future or can be done right now.
• The property must be “transferrable” in order to be transferred. Some assets cannot be transferred, including the right to sue, the right to future maintenance, stipends for members of the armed forces, the navy, political prisoners, and civil pensions, and the potential for an heir apparent to accede to an estate.
• For the property to be transferable, the aforementioned conditions must be satisfied. If the condition turned out to be unlawful, immoral, impracticable, or contrary to public interest, the transfer would be null and void.
• Transferring property to an unborn child is prohibited. However, it may be transferred first in the favour of a person who is still alive on the transfer date. Until the child is born, the property will remain in this person’s name.
• The transfer of property shall not be subject to the perpetuity rule and shall be made throughout the life of the transferor.
• With the exception of situations that need for a formal agreement, property transfers can be done orally or verbally. For instance, the sale of movable goods valued at more than Rs. 100, the transfer of actionable claims. The leasing of real estate for a period longer than a year, the giving of real estate as a gift, etc.

 

What does the Transfer of Property Act’s Section 52 mean?

Section 52 of the Transfer of Property Act of 1882, which talks about “lis pendens” or property that is the subject of a legal proceeding, is one of the 137 provisions that it covers. It states that any movable property involved in a title dispute cannot be sold or transferred while the legal action is ongoing or until a competent court issues a decision. If the property has already been transferred. The transaction is still lawful, and the buyer must now abide by the court’s ruling.

 

Responsibility of the Seller during Property Transfer

Sale is defined as the transfer of property ownership in exchange for a sum that has been promised, paid, partially promised, or partially paid in Section 54 of the Transfer of Property Act of 1882. The section covers the obligations of the seller during the property transfer. The following is a list of these obligations:

• The seller must provide all title documents pertaining to the property upon the buyer’s request for inspection.
• Seller must make careful to inform the buyer of any significant flaws in the property.
• The seller is required to treat the property and any relevant documentation in his possession with the same degree of care. That the owner would between the date of the contract of sale as well as the time delivery of the property is made.
• All encumbrances on the property that are present at that time must be released by the seller.
• The seller is required to give the buyer full possession of the property.
• To the best of his knowledge, the seller must respond to any pertinent inquiries from the buyer on the title of the property.
• The rent and any accumulated public charges for the property up until the sale date must be paid by the seller.
• Upon tender or payment of the amount due in line with the pricing. The seller must carry out the property transfer process at the location and time suggested by the buyer.

 

Buyer’s Obligations at the Time of Property Transfer

The buyer is required to take care of his or her obligations as part of the process when buying a property. These obligations include:

• The buyer must advise the seller of any information regarding the property that they are aware of that the seller is not, or that they have reason to suspect the seller is not aware of, and which materially raises the value of their stake.
• After the buyer receives possession of the property. The seller is no longer liable for any damages, losses, or decreases in value those results from such events.
• At the location and moment the sale is completed, the buyer is required to provide the seller the purchase money.
• After gaining possession of the property, the buyer is responsible for paying any outstanding debts. Including rent and other public charges that may become due on the property, as well as any accruing interest on such debts.

 

The conclusion

The Transfer of Property Act of 1882 was created specifically to establish a thorough set of guidelines for property transfers. It provides a clear and comprehensive explanation of the laws governing property transfer and the components involved. Due to its unified and organized rule governing the transfer of immovable property between people. The Transfer of Property Act has proven to be quite advantageous to Indian inhabitants.

 

 

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