Sale, Lease, Gift, Mortgage, Exchange Sale of immovable property Sale is a transfer of ownership in exchange for a price paid,

promised, or partpaid and partpromised. Such transfer in case of tangible immovable property of value of Rs 100 or more can be made only by a registered instrument. Delivery of tangible immovable property is made when a seller places the buyer, or such person as he directs, in possession of the property. Thus, delivery of immovable property can be only by handing over actual possession to the buyer or to a person authorised by the buyer. Lease of immovable property A lease of immovable property is a transfer of a right to use the property, made for a certain time, express or implied, or in perpetuity. Such transfer of right should be in consideration of a price paid or promised to the transferor by the transferee, who accepts the transfer on such terms. Lease of property from year to year or for any term exceeding one year can be made only by a registered instrument. Mortgage Mortgage is the transfer of an interest in specific immovable property for the purpose of securing payment of money advanced or to be advanced, by way of loan or an existing or future debt.The transferor is called a mortgagor, the transferee a mortgagee, the principal money and interest of which payment is secured are called 'mortgage money', and the instrument by which transfer is effected is called a mortgage deed. Mortgage can be simple mortgage, mortgage by conditional sale, or mortgage by deposit of title deeds. Charge Where immovable property of one person is made security for payment of money to another, and the transaction does not amount to a mortgage, the latter person is said to have a charge on the property. This can be by act of parties or by operation of law. The provisions in respect of simple mortgage will apply to such a charge.