Transfer of property Act:
Transfer of property Act is one of the earliest acts framed by the Indian Constitution. It came into force in the year 1882, on the first day of July. Though the law applied to the whole of India, excluding the states of Bombay, Punjab, and Delhi, later through a special notification was passed in the official gazette, and the act covered all the states of the Indian Territory.
According to the 1882 Act, transfer of property means, an act whereby a living person conveys a property, in the present or future, to one or more other living persons, or to himself and one or more other living persons. The above activity, when performed, is known as transfer of property. As per the definitions of the property act, a living person can be an individual, company, association or body of individuals. They can be incorporated, or otherwise but the law treats them equally.
Must know provisions of the Transfer of Property Act, 1882
- Almost 18 other acts are related to this act. This list includes major acts like the Negotiable Instruments Act, Trusts Act, Evidence Act, Sale of Goods Act, Partition Act, among others.
- The primary parties involved in the transfer of property is the transferor and the transferee that is the seller and the buyer respectively. However, the act also focusses on other parties to contract like the intermediaries, financial institutions, property developers, and dealers. Though the act is supposedly protecting the interest of all these parties, the buyer becomes the center of attraction as far as the act is concerned.
- The act states the set of provisions that help in determining the eligibility criteria. Any person who fulfills the criteria is termed as competent to contract and thereby can involve in the act of transferring property.
- This act also allows parties to enter into oral agreements. However, if the law specifically requires a written agreement, then the parties have to abide by it.
- The rights of the parties can be conditional or absolute, and the property can be movable or immovable. Anything under the roof is fine until it turns out to be a dispute.
- If any of the party develops a feeling of being cheated, he or she can seek redressal under the provisions of this law.
- Under this act, there are provisions for transferring a property for an individual who is currently not in existence but will exist in the future. This is called ‘Transfer to the unborn’ according to this act.
- Provisions have been created both under the Hindi law and the English law.