Laws For Transferring Movable & Immovable Property: Transfer Of Property Act Of 1882
TheTransferofPropertyAct1882,whichsimplifiestheprocedureoftransferringproperty betweenpeople,normallygovernshowpropertyistransferred.
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The Transfer of Property Act is what, exactly?
TheIndiangovernmentdraftedtheTransferofPropertyAct1882,whichwentintoeffect onJuly1ofthatyear.Everyaspectoftransferringpropertybetweenlivingorganismsis governedbylaw(intervivos).Transferofproperty,asdefinedundertheact,isthe conveyanceofapropertyfromonepersontooneormorepersons,ortohimself.The transfermayalsoinvolveabusiness,organisation,orgroupofpeople,anditmaybeagreed tocarryoutthepropertytransfer(ofanexistingproperty)noworinthefuture.
ImmovableandmovablepropertyisthetwobroadformsofpropertyundertheIndian legalsystem.Regulationsforthetransferofbothmovable&immovablepropertyare includedintheLawofTransferofPropertyAct.Theact'sdefinitionof"transfer"broadly referstotransfersmadebyamortgage,exchange,gift,sale,assertibleclaim,orlease.
Key Specifics of the Transfer of Property Act of 1882
FindafewimportantfactsabouttheTransferofPropertyAct,1882,below.
TheTransferofPropertyActwasfirstintroducedonFebruary17,1882.
OnJuly1st,1882,theTransferofPropertyActwasfirstputintoeffect. Thereare137provisionsineightchaptersthatmakeuptheTransferofProperty Act.
BeforetheTransferofPropertyActwasintroduced&putintoeffect,property transfersweregovernedbyEnglishlaw.
TheTransferofPropertyActof1882servesasthefoundationforallproperty transfersinIndia.
TheprimarypurposeoftheTransferofPropertyActwastoaddressthetransferof immovableproperty.Buttherearealsoregulationsgoverningthetransferof movablepropertyinsomeofthesections.
Movable and immovable property: what are they?
Movablepropertyisthatwhichmaybemovedfromoneplacetoanotherwithoutlosing anyofitsfunctionality,capacity,orquantity.Afewexamplesofmovablepropertyare personalitems,vehicles,literature,standingwood,andgrowinggrassorcrops.Delivering movablepropertywiththeintenttotransferitissufficienttotransferit.TheIndian RegistrationActof1908alsomakestheregistrationofmovablepropertyoptional.
Immovablepropertyisdefinedaspropertythatcannotbemovedandcanonlyberelocated afterbeingalteredordestroyed.Immovablepropertyincludesthingslikerealestate, houses,propertyrights,itemsaffixedtotheland,andsoforth.Immovablepropertycannot betransferredthroughsimpledeliveryoftheasset.Itmustberegisteredunderthe transferee'sname.AccordingtotheIndianRegistrationActof1908,itisrequiredto registerimmovablepropertyifitsworthisgreaterthanonerupee.
What does the Transfer of Property Act cover?
Ingeneral,therearetwowaystotransferproperty:byalegalactorthroughanactoftwo ormoreparties.TheTransferofPropertyActprimarilyregulatestransfersofimmovable property.However,transfersofpropertymadebyoperationoflaw,suchasthosebrought aboutbyforfeiture,order-basedsales,inheritance,orinsolvency,arenotcoveredbythe law.Intheeventofawillorpropertysuccession,theActdoesnotapplytothedivisionof property.
Who Is Entitled to a Property Transfer?
Section7oftheTransferofPropertyActspecifiestheprerequisitesforpropertytransfers. Accordingtotherulegoverningthetransferofproperty,onlythosewhohavethelegal capacitytoenterintocontractswithothersarepermittedtotransferproperty. Furthermore,eveniftheyarenottheactualownersoftheproperty,thepersonwishingto transferitshouldbeauthorisedtodoso.
Acompetentindividualwhoisatleast18yearsoldmustundertakeanypropertytransfer inadditiontotheaforementionedrequirements.Theindividualtransferringaproperty mustbeofsoundmind,notbelegallybarredfromdoingso,andnotbedrunk.Inaddition, propertymustbetransferredbetweenlivingthings(itcanbeanassociation,acompanyor abodyofindividuals).
The Transfer of Property Act of 1882's main components
TheTransferofPropertyActof1882'smaincomponentsis:
Acompetentindividualneedstotransferproperty.Heorshemustbeamajoror someonewhoisnotlegallybarred,notinebriated,andofsoundmind. Propertymustnotbetransferredbeforethetitleinordertobeconveyed. Conveyancecanbedeterminedtobeusedinthefutureorcanbedonerightnow.
Thepropertymustbe"transferrable"inordertobetransferred.Someassetscannot betransferred,includingtherighttosue,therighttofuturemaintenance,stipends formembersofthearmedforces,thenavy,politicalprisoners,andcivilpensions, andthepotentialforanheirapparenttoaccedetoanestate.
Forthepropertytobetransferable,theaforementionedconditionsmustbe satisfied.Iftheconditionturnedouttobeunlawful,immoral,impracticable,or contrarytopublicinterest,thetransferwouldbenullandvoid.
Transferringpropertytoanunbornchildisprohibited.However,itmaybe transferredfirstinthefavourofapersonwhoisstillaliveonthetransferdate.Until thechildisborn,thepropertywillremaininthisperson'sname.
Thetransferofpropertyshallnotbesubjecttotheperpetuityruleandshallbe madethroughoutthelifeofthetransferor.
Withtheexceptionofsituationsthatneedforaformalagreement,property transferscanbedoneorallyorverbally.Forinstance,thesaleofmovablegoods valuedatmorethanRs.100,thetransferofactionableclaims,theleasingofreal estateforaperiodlongerthanayear,thegivingofrealestateasagift,etc.
What does the Transfer of Property Act's Section 52 mean?
Section52oftheTransferofPropertyActof1882,whichtalksabout"lispendens"or propertythatisthesubjectofalegalproceeding,isoneofthe137provisionsthatitcovers. Itstatesthatanymovablepropertyinvolvedinatitledisputecannotbesoldortransferred whilethelegalactionisongoingoruntilacompetentcourtissuesadecision.Ifthe propertyhasalreadybeentransferred,thetransactionisstilllawful,andthebuyermust nowabidebythecourt'sruling.
Responsibility of the Seller during Property Transfer
Saleisdefinedasthetransferofpropertyownershipinexchangeforasumthathasbeen promised,paid,partiallypromised,orpartiallypaidinSection54oftheTransferof PropertyActof1882.Thesectioncoverstheobligationsofthesellerduringtheproperty transfer.Thefollowingisalistoftheseobligations:
Thesellermustprovidealltitledocumentspertainingtothepropertyuponthe buyer'srequestforinspection.
Thesellermustmakecarefultoinformthebuyerofanysignificantflawsinthe property.
Thesellerisrequiredtotreatthepropertyandanyrelevantdocumentationinhis possessionwiththesamedegreeofcarethattheownerwouldbetweenthedateof thecontractofsaleaswellasthetimedeliveryofthepropertyismade.
Allencumbrancesonthepropertythatarepresentatthattimemustbereleasedby theseller.
Thesellerisrequiredtogivethebuyerfullpossessionoftheproperty. Tothebestofhisknowledge,thesellermustrespondtoanypertinentinquiries fromthebuyeronthetitleoftheproperty.
Therentandanyaccumulatedpublicchargesforthepropertyupuntilthesaledate mustbepaidbytheseller.
Upontenderorpaymentoftheamountdueinlinewiththepricing,thesellermust carryoutthepropertytransferprocessatthelocationandtimesuggestedbythe buyer.
Buyer's Obligations at the Time of Property Transfer
Thebuyerisrequiredtotakecareofhisorherobligationsaspartoftheprocesswhen buyingaproperty.Theseobligationsinclude:
Thebuyermustadvisethesellerofanyinformationregardingthepropertythat theyareawareofthatthesellerisnot,orthattheyhavereasontosuspecttheseller isnotawareof,andwhichmateriallyraisesthevalueoftheirstake.
Afterthebuyerreceivespossessionoftheproperty,thesellerisnolongerliablefor anydamages,losses,ordecreasesinvaluethoseresultsfromsuchevents.
Atthelocationandmomentthesaleiscompleted,thebuyerisrequiredtoprovide thesellerthepurchasemoney.
Aftergainingpossessionoftheproperty,thebuyerisresponsibleforpayingany outstandingdebts,includingrentandotherpublicchargesthatmaybecomedueon theproperty,aswellasanyaccruinginterestonsuchdebts.
The conclusion
TheTransferofPropertyActof1882wascreatedspecificallytoestablishathoroughsetof guidelinesforpropertytransfers.Itprovidesaclearandcomprehensiveexplanationofthe lawsgoverningpropertytransferandthecomponentsinvolved.Duetoitsunifiedand organizedrulegoverningthetransferofimmovablepropertybetweenpeople,theTransfer ofPropertyActhasproventobequiteadvantageoustoIndianinhabitants.
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