Law relating to Transfer of Property
Transfer of property deals under Transfer of property act,1882. The transfer of property act,1882 deals with all transfers except that of movable properties which are governed by the Sale of Goods Act. The property which is dealt by and large under this Act is immovable property. It doesn’t mean that movable property is not a subject matter of this Act. The general principles of Transfer of property act i.e. sections 5 – 37 of the act are equally applicable for both movable and immovable properties. Similarly, law relating to Gift of property is applicable for both properties.
DEFINATION OF TRANSFER OF PROPERTY (SEC – 5):
Transfer of property means “ an act by which a living person conveys property in present, or in future, to one or more other living persons, or to himself, and one or more other living persons”.
How can a transfer of property becomes valid?
· Transfer should be between living persons. However, under Section 13 of this act, property can be transferred to an unborn person.
· Both the parties i.e. transferor and transfree should be competent to contract.
· The property must be conveyed. The property must be in existence and rights may be transferred either in present or in future.
· The object and consideration must be lawful.
· If the act requires any particular mode, then the transfer must be made in that manner.
