Transfer of immovable properties can by six ways which are sale, mortgage, actionable claims, lease, exchange and gifts. It is defined under Section 5 of the Act and it also states that it does not include, standing timber, growing crops or grass.
A property to be transferable must fulfill certain conditions like the transfer must be by a living or a juristic person, it must be through a conveyance, the property must be transferred, it must be made to a living or a juristic person.
Sale:-Contract of sale of immovable property is basically a contract which states terms for the permanent transfer of property and it takes place in accordance to the terms which are settled by both the parties in the contract.
Mortgage:- Mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan.
Charge:- when a person by the act of parties or operation of law creates a security for the payment of money to another and the transaction should not be a mortgagee, the latter is said to have a charge on the property
Lease:- it is the transfer of a right to enjoy such property made for a certain time, express or implied or in perpetuity in consideration of a price paid or promised.
Therefore for a property to be transferable several conditions need to be satisfied and it should come within the definition of an immovable property and it should not be amongst those items which cannot be transferred.
Courtesy/By: M J Ronald
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09 Aug 2018
