INTRODUCTION TO TRANSFER OF PROPERTY RIGHTS BY CHIRAGH DEVAL @LEXCLIQ

INTRODUCTION TO TRANSFER OF PROPERTY RIGHTS

Section 5 of the transfer of property rights act, 1882 talks about property rights which says that when a living person conveys property, it can be present or future to one or more living person or himself and other living persons. The word living person includes a company or association or body of individuals, whether it incorporated or not but as according to the section shall affect any law for the time being in force relating to or by companies, associations, or bodies of individuals.

Meaning of property can be used in the following terms:

  • Tangible material things like a house.
  • Where the rights can be exercised over material things like the right to sell or make a gift of things.
  • Rights that are not exercised over any material such as the right to repayment of a debt.

Transfer of property rights can be implied in various meanings and it can be transferred from the sale of one house. Other can be transferred from one or more transfer rights such as mortgage of house or transfer of debt.

Thus, if a new title has not been created or some interest has not been transferred in favor of the Transferee, then the transfer of property cannot take effect.

Section 6 of the transfer of property act, 1882 talks about the property that may be transferred and clause (a) to (i) mention the properties which cannot be transferred.

Clause (b) talks about the rights of re-entry that cannot be transferred. For example, A grants a lease of a plot of land to B with the condition that if shall build upon it, he would re-enter — transfers to C his right of re-entering in case of breach of the covenant not to build. The transfer is invalid.

Section 7 talks about the person competent to transfer. There are two conditions where the person is allowed to transfer his/her property, where the first conditions must be competent to enter into contracts with other persons and the second condition where the person is willing to transfer property should have a title to the property or authority to transfer where he is not the real owner of the property.

Section 8 of the Transfer of Property Act expresses the concept of operation of the transfer. In cases where the debt is transferred, the legal incident that is securities shall also be transferred. Where the property is money or other property which may yield some kind of income, then the interest or income accruing after the transfer takes effect shall also be transferred. In other words, the property and the legal incidents attached to the property shall be transferred as part of the same transaction.

CONCLUSION

Transfer of property act has a wide scope when it comes to matters related to property. Here the property can be transferred also and can be withdrawn also but sometimes cases are been adhered to. Property here can be mortgage also and can be withdrawn also and some properties are for the upcoming child who is not yet born.

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