Section 5 of transfer of property act

What is the transfer of Property Act? What are the types of property transfers? Transfer of property” defined. A transfer of property under Section of the Act requires two „living persons‟ , the transferor and the transferee.

One cannot transfer a property to himself. But, one can transfer a property to himself in some other capacity.

The expression mentioned above “in present or in future” is deriving the meaning of the word ‘deliver’. There will be no transfer of future property. The transferee needn’t be a competent person like a transferor. A transferee can also be a minor, insane or child in a mother’s womb.

In this section “living person” includes “companies, private associations, which are registered or not, but nothing in this section affects the law while doing the transfer of property to any company or association or individual body”. Subsequent forms of transfer under the Act are: 1. Sale– It’s an out-and-out transfer of property And also the consideration is money. Mortgage– It’s a transfer of a limited interest during a property.

Lease– A lease may be a transfer of a right to enjoy the immovable property for a particular time.

Exchange– It’s the same as sale, but differ in consideration. Here the consideration is another thing not money. Gift– Here, there’s no consideration. Another meaning of transfer of property is “Conveying the property”. See full list on blog.

A fresh interest within the mind of the transferee, if new interest has not been created in mind of the transferee, the property can not be said to be conveye thus no transfer of property is finished. Partition- When two blood relatives like brother and brother dividing their property between themselves is called partition. And it can’t be transfer of property because that property was already in their own possession and no new property is created.

His specific share, which settled in him earlier, is just separated. Therefore, those who got the profitable property they can enjoy over that. Section 6– “ Any types of property which can be additionally transferre except provided by this act or by any other law for nowadays in effect”. This section specifies different types of property which can not be transferred (Exception to Section 6)- 1. Any opportunity for the heir apparent to succeed under certain conditions is not included in the category of assets that can be transferred. X’ a Hindu, dies and leaves his wife with ‘C’.

C’ has only a spes succession, his succession depends upon two factors, that the surviving of the X’s wife and the property which was left by ‘X’. Section 7of the Act provides that, “the person who is allowed to sign a contract is also allowed to transfer a property and then he will be allowed to enjoy the property wholly after it takes place. Legally permitted and determined for the time being in force. In any situation, where the property is related to land or the property is rente then the transferor and transferee should make a plan about the outcomes of the property which will be generated after the transfer takes place.

After that, there will be no problem arising in the future and if the property generates money, then the income can be calculated after the transfer takes place.

The possibility of a person who is most likely to get the ancestral property after his or her ancestor’s death under certain situations. These are as follows- 1. The probability of a relationship obtaini. A person, who has no right to transfer any immovable property, cannot transfer that property.

X’ has separated from his father. X’ sells fields to ‘Z’ that ‘A’, ‘B’, ‘C’, ‘D’, representing that he is authorized to transfer the same. From these fields ‘C’ does not belong to ‘X’, it has been retained by ‘Y’ on the partition. But on Y’s dying ‘X’ as heir obtains ‘C’. Z’, not having revoked the contract of sale, may require ‘X’ to deliver ‘C’ to him.

The general rule of Nemo dat quod non-habet(no one can give to different person, what he himself doesn’t have the rights)has been relaxed through this section, For the appl. In this Act , if a transferor wants to transfer anything then he or she has to think clearly about the possibility of doing something which he has to sought to be conveyed to the transferee about the property. Section 6(a)and Section 43have some problems with each other. LawSikho has created a telegram group for exchanging legal knowledge, referrals and various opportunities.

Thus the conveyance of the property must be from one living person to another living person. However transferee need not be a competent person like transferor. Property of any kind may be transferred , except as otherwise provided by this Act or by any other law for the time being in force,- (a) The chance of an heir-apparent succeeding to an estate, the chance of a relation obtaining a legacy on the death of a kinsman, or any other mere possibility of a like nature, cannot be transferred. Instant Downloa Mail Paper Copy or Hard Copy Delivery, Start and Order Now!

TRANSFER COVERED IN TPA 5. Section of the Act deals with the discharge of encumbrances on sale by order of the court and Chapter IV deals with the mortgage and charges. Under section the encumbrances are to be discharged by the order of the court. Possession of Goods refers to the custody over the Goods whereas Property in Goods means ownership over the Goods. Importance of transfer of property Risk follows ownership if property has passed to the buyer, he becomes the owner of the goods and then the risk of destruction, damage or loss.

Action against third parties if goods are damaged by action of third parties, only owner of goods can take the.