Raj (HR Manager) 30 May 2012
Hi Team,
We have a property and we would like to sale it off. One builder comes and gives us an offer of taking his new built 2 Apartments which are ready to occupy in exchange of our property. Now he says he would do Exchange of Property.
This Exchange of Property is the same like registration and how does it work out? Do we get Sale Deed of Apartaments?
Please give me valuable points and suggestions!!
Thanks
Raj
Ajit Singh Cheema (practising Advocate) 30 May 2012
Your answer lies in the definition of "Exchange" as given under section 118 of Transfer Of Property Act,"When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things being money only,the transaction is called Exchange."
A transfer of property in completion of an exchange can be made only in manner provided for the transfer of such property by sale .
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