Is the act of transferring an interest in property to another?
Is the act of transferring an interest in property to another?
Conveyance is the act of transferring property from one party to another. The term is commonly used in real estate transactions when buyers and sellers transfer ownership of land, building, or home. A conveyance is done using an instrument of conveyance—a legal document such as a contract, lease, title, or a deed.
What are the modes of transfer of property?
There are various modes of transferring ownership of property: permanently by 1) relinquishment 2) sale 3) gift; and temporarily by way of 4) mortgage 5) lease and, 6) leave and license agreement.
What do you mean by transfer of property act?
The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. According to the Act, ‘transfer of property’ means an act by which a person conveys the property to one or more persons, or himself and one or more other persons.
What are the essential features of Transfer of Property Act?
The transferor must be competent to contract and entitled to transfer property or authorized to dispose of transferable property which is not his own. The transfer must be made in the mode prescribed by the Act. Thus all necessary attestation and registration must be complied with.
What are the essential elements of transfer property?
Necessities/Essentials for Transfer
- The transfer must be between two or more living persons.
- The property must be transferable.
- Persons competent to transfer.
- Methods of Transfer.
- Must not have any conditions Restraining Alienation.
- Rule against perpetuity.
What can be transferred?
Kinds of Transfer The Act contemplates the following kinds of transfers: (1) Sale, (2) Mortgage, (3) Lease (4) Exchange, and (5) Gift. Sale is an out-and-out transfer of property. In mortgage, there is a transfer of limited interest in property.
Who can transfer immovable property?
Under section 7 of TOPA, the individual must be competent. He/she must be of legal age and mentally stable. He/she must be the owner of the title of the immovable property or should be authorised to transfer the property. The person must not be legally disqualified as a transferee.
How actionable claim can be transferred?
“Transfer of actionable claim—(1) The transfer of an actionable claim shall be effected only by the execution of an instrument in writing signed by the transferor or his duly authorised agent, shall be complete and effectual upon the execution of such instrument, and thereupon all the rights and remedies of the …
Which one of the following is an actionable claim?
Actionable claim is an intangible movable property, and its transfer is dealt with in Chapter VIII of the Act. According to Section 3 of the Act, actionable claim means: Claim to an unsecured debt. Beneficial interest in a movable property.
Is decree an actionable claim?
judgment debt or decree is not an actionable claim for… claim means a claim to any debt, or to any beneficial interest in movable property not in the possession, either actual or constructive, of the claimant, which the civil courts recognize as affording grounds for Kudremukh Iron Ore Co.
Who is an ostensible owner?
Ostensible means something that is not real or true. Therefore ostensible owner means a person who is not the real owner of the property he represents the real owner in transfers made to the third party. Such a representation is based on the consent of the real owner. Such consent may be express or implied.
What is doctrine of part performance?
The Doctrine of Part Performance is a very important provision under the Transfer of Property Act. According to the statutory provisions, a person must have contracted to transfer immovable property for a consideration. The transfer should be in writing and duly signed by either the transferor or his agent.
Who can use the doctrine of part performance?
What is Section 53a of Transfer of Property Act?
—Where any person contracts to transfer for consideration any immoveable property by writing signed by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty, and the transferee has, in part performance of the contract, taken possession of the …
Are gifts legally binding?
It is a unilateral promise without consideration. California Civil Code Section 1146 defines a gift as follows: “A gift is a transfer of personal property, made voluntarily, and without consideration.” Section 1147 says that a verbal gift is generally unenforceable unless the means of obtaining possession and control …
