TRANSFER OF PROPERTY ACT 1882

Property A thing that is capable of being owned and transferred and which has value in the eye of law

 3 important rights on property ownership

Possession

Enjoyment Person who has above rights is owner of property, has right to transfer.

 So property is physical thing which is subject of ownership or other rights or rights and interest of the owner or other person in the property

 Kinds of properties Movable and Immovable movable a thing which is movable from one place to another and includes standing timber growing grass and crops (because planted for cutting) And does require registration

 Immovable includes Land things above or below the earth Benefits arising from immovable property rents, benefits and also a right possessed by a person on peace of land Things attached permanently on land doors, windows ,machines and also trees planted for growing

 Tangible and Intangible Tangible property which is able to be perceived by touch like Immovable & movable, property which we see Intangible properties which we cannot see but has value in the eye of law and which can be owned and transferred like properties copy rights, good will

 Corporeal and incorporeal Corporeal- physical properties which we can see , incorporeal which we cannot see like
A house is corporeal, but the annual rent payable for its occupation is incorporeal.

 Real and Personal property Real property means land and buildings Personal property means things which are movable

 So TP Act deals with immovable / corporeal / tangible/ real property TP Act is part of Indian contract Act and supplemental to registration Act 1908 and stamp Act All transfer under TP Act should be registered other wise documents are inadmissible in evidence

 Owner can transfer his property as he wants If owner ( transfor ) transfer all 3 rights to another person ( transfree), such transfer is called transfer for absolute interest. It takes in Sale -(all rights and incidents are Exchange transferred to transfree land, trees, easements ,debts etc, & without any conditions on alienation or enjoyment) Gift

 If owner transfers all rights retaining ownership rights ,such transfer is called as transfer for limited interest. It takes place in Lease (possession and enjoyment is transferred to transfree subject to conditions ) Mortgage

So TP Act deals only with these 5 transfer Sale Mortgage Lease Exchange Gift (either for absolute interest or for life interest)

 Apart from above transfers ,transfor can also transfer for life interest i.e. transfree can enjoy property till his death. no power of alienation. On his death property reverts (goes ) back to transfor but does not vest to transfree at any cost . If transfror dies it vest to L.Rs of transfor. A____B ( life ) in mode of gift which also requires registration

 TP Act deals with inter vivos i.e. in between two living persons --at the time of transfer both parties should be in existence .It does deals with all types of transfers relating to immovable properties. Wills ,court sale, succession, government grants etc are not covered under this Act Contains 137 sections

SALE Sale is transfer of ownership in exchange for a price paid or promised or part paid or part promised (Absolute transfer ) Ownership transfers immediately with out any conditions, no rights will left in transfor Parties seller &buyer or vendor & vendee

MORTGAGES A mortgage is transfer of an interest in specific immovable property for purpose of securing of payment of debt (loan ) .it is transfer for limited interest . Purpose debt is must for existence of mortgage Parties mortgagor & mortgagee

Kinds of mortgage Simple mortgage Mortgage by conditional sale Usufructuary Mortgage English Mortgage Mortgage by deposit of title deeds Anomalous Mortgage

 Doctrine of redemption is applicable to mortgage I.e. mortgagor always have right to recover his property from mortgagee on payment of debt with interest Mortgagee never has right to sell without intervention of court or court order

LEASE Lease is a transfer of a right to enjoy property, made for a certain time or perpetuity , in consideration of price or share of crops or service or any other thing of value, rendered periodically or on occasion It is transfer for limited interest subject to conditions, parties lessor & lessee

 EXCHANGE When 2 persons mutually transfer the ownership of one thing for ownership of another , neither thing or both things being money . Parties -- seller &buyer In case of sale consideration is must but in case of exchange one property to another Both as same effect, registration is must

 GIFT Gift is transfer of certain movable or immovable property made without consideration .Parties donar & donee Donee has to accept gift, should accept during life time of donar Registration is must In sale consideration is must , in gift no need of consideration