The Transfer of Property Act 1882 (TPA) is an Indian regulation which regulates the transfer of property in India. It includes specific provisions regarding what constitutes a switch and the conditions connected to it. It got here into pressure on 1 July 1882.
Property is broadly classified into the subsequent classes:
- Movable
- Immovable
MOVABLE
Act does not outline the term ‘movable property’ well and gives a very indistinct definition that movable belongings are the ones property which are not immovable.
IMMOVABLE
Immovable property includes land, buildings, hereditary allowances, rights to methods, ferries, fisheries or some other benefit to arise out of the land, and matters connected to the earth or completely fixed to some thing that is attached to the earth, but not status wood, developing crops nor grass.
A transfer of property passes forthwith to the transferee all of the interest which the transferor is then capable of passing inside the belongings except a different goal is expressed or implied.
Types of Transfer
There are different types of transfer of assets under Transfer of Property Act-
SALE
Defined under section 54 “Sale is a transfer of property in exchange for a rate paid or promised, element paid or promised”. The seller and purchaser should be ready to transfer the property (section 7).
The fee is at the centre of agreement of sale. it could be paid in lump sum or in instalments as agreed among the events. A settlement among parties cannot be declared null or void on the floor that consideration changed into now not good enough.
Two modes of transfer by means of sale
By means of Registered instrument
wherein the fee of tangible immovable belongings is 100 or greater than a hundred rupees than if so, sale can handiest be made through Registered deed.
transport of possession
in which the belongings are valued much less than one hundred rupees transfer of assets may be made either by way of a registered tool or delivery of possession. Registered deeds are not mandatory.
Mortgage
The Transferor is known as ‘Mortgagor’ and the transferee a ‘Mortgagee’. The main money and interest of which payment is secured for the first time being are referred to as ‘ mortgage money’ and the deed through which the transfer is affected is known as ‘loan deed’.
There are 6 forms of Mortgages
- Simple mortgage [Section 58(b)]
- Mortgage by Conditional Sale [Section 58(c)]
- Usufructuary mortgage [Section 59 (d)]
- English mortgage [Section 58(e)]
- Mortgage by Deposit of Title Deed [Section 58(f)]
- Anomalous mortgage [Section 58(g)]
Lease
Lease[Section 105], defines transfer of a property to revel in immovable assets for a positive time (explicit or implied), in attention of a fee paid or promised or cash or a percentage of crops, service or another aspect of value, to be rendered periodically or on a unique occasion to the transferor by using the transferee, who accepts the transfer on such terms. The only who transfers the property is referred to as ‘Lessor’ and the only who accepts it is called ‘Lessee’. The rate involved is known as top class and offerings and different matters that are rendered are referred to as lease.
Gifts
A gift [Section 122] is transfer of movable and immovable assets and made voluntarily without any consideration, through one person referred to as the donor, to another individual known as executed and accepted by way of the executed. it may be understood as a transaction wherein the sender willingly brings into the effect such switch as a right in financial cost. The transferee is called ‘Donee’ and the transferor is referred to as ‘Donor’.
Exchange
Section 118 of switch of belongings Act, 1882 defines alternate as when two humans transfer the possession of one factor for the ownership of different, neither issue or both elements being money only. It is able to be understood via the definition that exchange is an act of giving one thing and receiving some other in return.
Claims
One of the most critical provisions in the TPA is with reference to the Actionable claim. because the term shows, you could take an action in opposition to a selected claim in court to recover the unsecured debt.
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