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What are modes of transfer of property ?

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0 2024-06-25T22:18:06+00:00
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The modes of transfer of property under the Transfer of Property Act include the following:

  1. Sale: This involves transferring ownership from a seller to a buyer in exchange for a price. The sale is complete upon full payment by the buyer and delivery of the property by the seller.

  2. Gift: A gift is the transfer of property from a donor to a donee without any consideration. Once made, a gift becomes irrevocable.

  3. Exchange: In an exchange, both parties transfer ownership rights to each other. It’s complete when both deliver their respective properties to each other.

  4. Lease: A lease allows the right to use and enjoy the property for a specified period. The lessor (owner) grants possession to the lessee (tenant) for consideration.

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0 2022-05-26T21:08:34+00:00
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Hey, I have always been interested in law. I read different books and spoke to lawyers. I found out that there are different modes of transfer of property. Details about them are mentioned in section 8 of the Transfer of Property Act 1882. The legal definition of each type has been written in detail. I will help you understand all of them in simple language. Let experts help you in carefully creating legally valid sale agreement here Here are the five modes of transfer of immovable property : Sale : When the ownership of the property is transferred by a deed in exchange for a specific price. This is known as a sale deed. The deed must be stamped and registered by the competent authority. Even under construction properties can be sold. Terms for sale are mentioned in the deed itself. Lease : When the rights of a property are transferred for a specific duration (express or implied) in exchange for a price. It is known as leasing a property. A rental agreement is made specifically when a property is rented or leased. People have to comply with section 17 of the Registration Act, 1908. Mortgage : When the interest is transferred in an immovable property via deposition of title deeds for securing a loan, it is known as a mortgage. In this case, the owner of the property creates a lien on his property and lends the house to a mortgagee. Gift : Section 122 of the Property Act tells us that the ownership of an immobile property can be transferred by a registered gift deed. In this mode, the transfer of property is voluntary. It is mandatory to get the gift deed registered by a sub-registrar. Relinquishment : In this mode, the ownership of property is surrendered by a legal heir in exchange for money or for free. Only the legal heir of the property can execute this method. This is all from my end on modes of transfer of property. Shift your belongings with assured safety. Check out NoBroker Packers and Movers to get a free quotation. Read more : Can the ownership of B khata property be transferred through online? I have a flat mortgaged with HDFC. How can I transfer the balance loan and register the flat and in my sons name? How to Transfer Money from Credit Card to Bank Account?   

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Advocate Apurva

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