What is sale as per the transfer of property act 1882

What is transfer of Property Act? When was transfer of Property Act passed? Before jumping into further details regarding the sale of immovable property. See full list on legalbites. In a sale , there must be in the least two parties.

For a valid sale both the buyer and seller have to be competent on the date of the sale.

Price is an essential element of the sale. Where, by the transfer , the vendor is getting rid of the liability to pay a certain sum, it cannot be said that there is no consideration for the sale. The price paid and price promised to stand on equal footing as regards the transaction of a sale.

There is nothing illegal, or contrary to public policy if the parties agree that the payment of the consideration shall be postponed in certain events, or that it shall not be paid at all if the proper. This is different in English law, wherein a contract for sale transfers an equitable estate to the purchaser, but this rule is not applicable in India. A sale occurs between two living persons be it natural or artificial.

A contract for sale does not confer any title in immovable property. Under the Act , Sale connotes to that of immovable property which encompasses tangible and intangible property , as well as rights arising out of the land.

For the sale , the parties must be competent. If the sale is of immovable property of more than Rs. Sale and contract for sale are two very distinct documents.

Contract of sale is merely a document signifying the willingness to sell, and sale is the actual transaction that takes place. Christensen, CCA Wis. Harpreet Kaur, Textbook on the transfer of property Act , 6th Edn.

Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. Such transfer, in the case of tangible immoveable property of the value of one hundred rupees and upwards, or in the case of a reversion or other intangible thing, can be made only by a registered instrument. In the case of tangible immoveable property of a value less than one hundred. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it.

The Act provides a clear, systematic and uniform law for the transfer of immovable property between living persons. By its very existence, society mandates interaction, exchange or transfer. A property , movable or immovable, is transferred from one person to another under various different situations and circumstances and for different values. In case, the property is transferred from a dead person to a living person(s), the law applied will be the Law of succession. The transfer may be a gift, an inheritance or an asset acquired by paying full value.

Should a person die without leaving a will (intestate), the law of intestate succession is applicable and in cases where a person dies leaving a will, the law of testamentary succession is applicable. The difference between a sale and an exchange is that in a sale the price is paid in money while in an exchange it is paid in another property by way of barter.

The sale is always for a price, which means money or the current coin of the realm while no price is paid in an exchange, there is only a transfer of one specific property for another. And although payment of price may be made in addition to the transfer of property , by way of equality of exchange, such payment does not make the exchange lose its character as such. Please Subscribe for more updates.

An Act to amend the law relating to the Transfer of Property by act of Parties. Patent defects in the property B. Latent defects in the property C. Mortgage” , “ mortgagor” , “ mortgagee” , “ mortgage-money” and “ mortgage-deed” defined. PRELIMINARY CHAPTER II. OF TRANSFERS OF PROPERTY BY ACT OF PARTIES (A) Transfer of property , whether moveable or immoveable Election Apportionment (B) Transfer of immoveable property CHAPTER III.

Rights and liabilities of buyer and seller. It does not apply to transfers by the operation of law such as transfer of immovable property necessitated by Order of Court for insolvency or forfeiture among others. It means that any transfer that happens on the fulfilment of a condition that is imposed on the other party for the transfer of property. This prohibition is only with respect to actionable claim. Transfer of Property Act , a Judge, a legal practitioner are an office are connected with Court of Justice are disqualified from purchasing in actionable claim.

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.

A lease is a transfer of a right to enjoy immovable property for a certain time or in perpetuity.