378/24, 10-02 PM Transfer of Property Act, 1882: Laws of Transfer Movable or Immovable Property| Latest Updates Home > Finance & Legal > Legal Acts > Transfer of Property Act, 1882: Laws of Transfer Movable or Immovable Property | Latest Updates Transfer of Property Act, 1882: Laws of Transfer Movable or Immovable Property | Latest Updates Updated: Mar 07, 2024, 13:00 IST By: Anirudh Singh Chauhan Print Fs tre Fi ¥ HH @ Transfer of Property Act 1882 is an act in Indian legal system that regulates the transfer of property in India. Here is everything you need to know about the Transfer of Property Act 1882. Table of Contents v Latest Updates on Transfer of Property Act 1882 What is the Transfer of Property Act? Transfer of Property Act, 1882: Key Details What is Movable and Immovable Property? What is the Scope of Transfer of Property Act? Who is Eligible to Transfer Property? Key Elements of the Transfer of Property Act 1882 hitps awww. magicbricks.comvblogiransfer-f-property-ac-1882/125264 html sno278/24, 10-02 PA “Transfer of Property Act, 1882: Laws of Transfer Movable or Immovable Property| Latest Updates Nomination of your property is allowed only if it falls under the Cooperative Societies Act What is Section 52 of the Transfer of Property Act? Seller's Responsibilities During Transfer of Property Buyer's Responsibilities at the Time of Transfer of Property The Bottom Line: Transfer of Proeprty Act 1882 Latest Updates on Transfer of Property Act 1882 Rent receivable by a borrower can be assigned to a lender as an ‘Actionable Claim under the Transfer of Property Act, 1882 (TPA): Supreme Court November 9, 2023: According to a recent judgement by the Supreme Court, the rent receivable by a borrower can be assigned to a lender as an ‘Actionable ClainThe Supreme Court was deciding on a dispute between Infrastructure Financing and Leasing Services Ltd (IL&FS) and HDFC bank, While passing the judgernent, the apex court held that rents receivable by a borrower can be legally assigned to a lender as an "actionable claim” under the Transfer of Property Act, 1882 (TPA). The case involved assignment of rents to HDFC as part of the financial agreement between two parties resembling a Lease Agreement. Also Read: Power of Attorney (PoA): All You Need to Know What is the Transfer of Property Act? Transfer of Property Act 1882 is legislation formed by the Indian government, brought into effect on July 1, 1882. The act deals with all the aspects of property transfer between living beings (inter vivos). According to the act, transfer of property means the conveyance of a property from one individual to one or more persons or to himself, The transfer can also include a company or body or association of individuals, and this act of property transfer (of an existing property) may be performed in the present or decided to be exercised in the future. Properties are broadly divided into two categories under the Indian legal systern - immovable and movable property. The Law of Transfer of property act includes regulations for the transfer of both movable and immovable property. The term ntps:twww.maglcbricks.comvblogiransfer-ofpropery-act-1882/"25266,hm| 210syns, 1002 Pw “Transfer of Propet Act 1882: Laws of Transfer Movable or Immovable Property| Latest Updates ‘transfer’ in the act basically involves transfer through a mortgage, exchange, gift, sale, actionable claim or lease. Transfer of Property Act, 1882: Key Details Find below a few key details related to the Transfer of Property Act, 1882. « The date when the Transfer of Property Act was introduced is 17th February 1882. * The Transfer of Property Act was first implemented on 01st July 1882. «The Transfer of Property Act consists of 137 sections in eight chapters. * Property transfers were regulated by English Law before the Transfer of Property Act was introduced and implemented. * All property transfers in India take place based on the Transfer of Property Act 1882. * The Transfer of Property Act was mainly introduced to deal with the transfer of immovable property. However, some of the sections have laws related to the transfer of movable property as well. What is Movable and Immovable Property? Movable property: Movable property refers to property that can be moved from one place to another without causing any change to its quality, capacity or quantity. Personal property, growing grass/crops, vehicles, books, standing timber, etc,, are a few examples of movable property. Just the delivery of movable property with an intention to transfer it completes the process of its transfer. Additionally, the registration of the movable property is ntps:twww.maglcbricks.comvblogiransfer-ofpropery-act-1882/"25266,hm| 310278/24, 10-02 PA “Transfer of Property Act, 1682: Laws of Transfer Movable or Immovable Property| Latest Updates optional under the Indian Registration Act, 1908. Immovable property: Immovable property refers to property that cannot be moved; it can be moved only after altering or destroying it. Some examples of immovable property include real estate, houses, property rights, things attached to the land, and so on. Mere delivery of immovable property does not suffice for the transfer of immovable property. It needs to be registered in the name of the transferee. It is mandatory to register an immovable property under the Indian Registration Act, 1908, subject to the condition that the property's value exceeds a hundred rupees. Transferring property? You may have to pay Professional Tax You Might Also Like Selling Inherited What is the Land Property in India -... E Encroachment Act &.. Published:Mar 05, 2024, 17:32 Published:Feb 23, 2024, 13:00 > Power of Attorney l SARFAESI Act 2002: {PoA): All You Need to... Tl Objective, Required... Published:Feb 29, 2024, 13:00 Published:Feb 23, 2024, 12:00 What is the Scope of Transfer of Property Act? Generally, the transfer of property can take place in two ways - by an act by the operation of law or by an act of two or more parties. Transfer of property act primarily applies to the transfer of immovable property. The act, however, does not cover property transfers by the operation of law, i.e., transfer in the form of forfeiture, sale via the execution of an order, inheritance or ntps:twww.maglcbricks.comvblogiransfer-ofpropery-act-1882/"25266,hm| 410syns, 1002 Pw “Transfer of Propet Act 1882: Laws of Transfer Movable or Immovable Property| Latest Updates insolvency. The act is also inapplicable on the disposal of properties in case of wills or succession of the property. Who is Eligible to Transfer Property? Section 7 of the transfer of property act has laid down rules with regard to the eligibility criteria for transferring one’s property. According to the transfer of property rule, only an individual who is competent to enter into a contract with others is eligible to perform property transfer. Furthermore, an individual willing to transfer property should have the authority to perform the transfer, though he/she is not the property's real owner. In addition to the above, any property transfer must be performed by a competent person who is above 18 years of age. The person transferring a property must be of a sound mind should be someone who is not disqualified by law and must not be intoxicated. Besides, property transfer must take place between living beings (it can be an association, a company or a body of individuals). Key Elements of the Transfer of Property Act 1882 The key elements of the transfer of Property Act 1882 are: * Property transfer must be done by a competent person. He/she should not be intoxicated, must be of a sound mind, and should be a major or someone who is not disqualified by law. * For conveyance of property, it's necessary that the transfer is not done before the title. Conveyance can be performed in the present or decided to be exercised in the future. © For property transfer, the property should be ‘transferrable’. Some properties like the right to sue, the right to future maintenance, stipends to the air ntps:twww.maglcbricks.comvblogiransfer-ofpropery-act-1882/"25266,hm| 510‘24, 10.02 PR “Transfer of Property Act, 182: Laws of Transfer Movable or Immovable Property| Latest Updates force/navy/political prisoners/civil pensioners and the chance of an heir- apparent to succeed to an estate are not transferrable. * The property must comply with the mentioned conditions in order to be transferrable. In the event of the condition becoming forbidden by law, immoral, impossible or opposed to public policy, the transfer would be considered void. * Property transfer to an unborn child is not allowed. However, it can be first transferred in favour of an individual who is alive on the transfer date. The property will vest in this person's name until the child is born. * The transfer of property must take place during an individual’ lifetime, and the perpetuity rule must not be followed during the transfer. « Property transfer can be done via verbal/oral agreement, except in cases that require a written agreement. For instance, sale of movable property whose value exceeds a hundred rupees, transfer of actionable claims, immovable property lease that exceeds more than a year, a gift that's in the form of immovable property, etc. Nomination of your property is allowed only if it falls under the Cooperative Societies Act The nomination facility is readily available in case of financial assets. You can easily nominate a person as your nominee. However, the same is not the case with property transfer. In cases of property, one becomes the owner of the property once the registration is done. However, there is no facility of nomination ina property. The nomination of a property is allowed only for certain categories. In India, nomination of property at the time of registration is allowed only if the property comes under the Cooperative Societies Act. Properties which do not come under the concept of shared ownership and common interest with respect to land and space are out of the purview of nomination, However, the nomination of property falling under the cooperative societies category does not transfer the property ownership rights to the nominee. There are some limitations. ntps:twww.maglcbricks.comvblogiransfer-ofpropery-act-1882/"25266,hm| 610278/24, 10-02 PA “Transfer of Property Act, 1682: Laws of Transfer Movable or Immovable Property| Latest Updates After the property owner's untimely death, the nominee is required to distribute the concerned property as dictated by the applicable law of succession (Hindu Succession Act) or (Indian Succession Act) or in accordance with a valid will, if it exists, What is Section 52 of the Transfer of Property Act? One of the 137 sections covered under the transfer of Property Act 1882 is Section 52, which discusses ‘lis pendens’ or property pending suit in any court of law. It says that any immovable property under a title dispute cannot be transferred or disposed of until the litigation is pending or until the court of competent jurisdiction makes a judgement in the matter. However, if such property has already been transferred, the sale is not invalidated, and the buyer is expected to obey the court's decision thereafter. Seller's Responsibilities During Transfer of Property Section 54 of Transfer of Property Act 1882 defines ‘Sale’ as the transfer of ownership of property in exchange for a price promised, paid, part-promised or part-paid. The section discusses the responsibilities of the seller during the transfer of property. These responsibilities are listed below: * On request for examination by the buyer, the seller must disclose all documents of the title that are related to the property. * If there are material defects in the property, the seller must ensure to disclose them to the buyer. * Between the date of the contract of sale and delivery of the property, the seller must take good care of the property and all related documents in his possession, in the same way, that the owner would. * The seller must release all encumbrances on the property that exist at that time. * The seller must completely transfer the possession of the property to the buyer. © The seller must, to the best of his information, answer all relevant questions put forth by the buyer with respect to the title or property. ntps:twww.maglcbricks.comvblogiransfer-ofpropery-act-1882/"25266,hm| mosyns, 1002 Pw “Transfer of Propet Act 1882: Laws of Transfer Movable or Immovable Property| Latest Updates * The seller must pay the rent and all public charges accrued in connection with the property up to the date of sale © The seller must perform the process of property transfer at a place and time proposed by the buyer on tender or payment of the amount due in accordance with the price. Buyer's Responsibilities at the Time of Transfer of Property When purchasing a property, the buyer has to take care of his/her responsibilities as part of the process, These duties include: * If the buyer knows certain facts about the property that the seller is not aware of or the buyer believes the seller is not aware of (for some reason), which materially increases the value of such interest, then the buyer must disclose this information to the seller. ‘© When the property ownership has been transferred to the buyer, the buyer must bear any loss arising from the injury, destruction or decrease in property value for which the seller is not responsible. * The buyer must pay the purchase price to the seller at the place and time of completion of the sale. * When the property ownership has been transferred to the buyer, the buyer must pay the principal funds due on any encumbrances subject to which the property is sold, the interest thereon accruing due, and the rent and all public charges which may become payable on the property. The Bottom Line: Transfer of Proeprty Act 1882 Transfer of property act 1882 was formed with the sole purpose of creating a comprehensive set of regulations for property transfer. It gives a simple and detailed explanation of the rules of property transfer and the elements associated ntps:twww.maglcbricks.comvblogiransfer-ofpropery-act-1882/"25266,hm| 810378/24, 10-02 PM Transfer of Property Act, 1882: Laws of Transfer Movable or Immovable Property| Latest Updates with it. Transfer of property act has proved very beneficial to Indian citizens owing to its uniform and systematic law for immovable property transfer between individuals. Different Ways to Transfer Property in India Similar Blogs Stamp Duty Power of Encumbrance Conveyance . ve Charges in Attorney Certificate Deed Hyderabad : scati Ready Housing Regularisation of | Plots in Reckoner Scheme for Plots in Tamil - | Hyderabad Rates in Pourakarmikas Nadu . 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