Transfer of Property Act
What is a “Transfer of Property”?
As per section 5 of the trasfer of property act, “transfre of property” means an act through which a living person conveys his property, in present or in future, to one or more other living persons, or to himself, or to himself and one or more other living persons, and “to transfer property” is to perform such act.
Living person explanation – includes a company or an association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, association or bodies of individuals.
Effect of Transfer –
In its wider sense, the word ‘transfer’ is defined in reference to the word ‘convey’. It includes any form of assurance inter vivos. The transferor of teh property must have an interest in the property.
In the case of movables generally, a ‘transfer’ of property as defined in section 5 of the act, does not involve the execution of the instrument of transfer or conveyence.
In the case of an immovable property, a transfer may be effected by delivery of possession, in which the value of property is less than Rs. 100/-.
The transfer of property act contemplates the transfer including sale, mortgage, gist, exchange and lease.
Certain acts do not come under the category of Transfer-
- Deed of appointment
- Family arrangement
The act of transfer of property is an act which involves the conveyance if rights or some of the rights in the property from one person to the other. For the transfer to come under the correct definition of transfer, the property must be in existence at the date of transfer and the consequences of such transfer may take effect in the present or in the future. The transfer of property must be between living persons. From one living person to the other living person.