There are so many laws, sections and acts related to real estate and property deals. And it’s crucial to be aware of every term and section to deal with all property transactions legally and safely. Any misunderstanding can lead to a potential dispute or fraud while making a real estate deal. Let me share with you what is Section 107 of transfer of property act to ease your problem.
Get your legal woes resolved by expert lawyers at NoBrokerWhat is the transfer of property in Section 107?
The only way to lease real estate from year to year, for a term longer than a year, or to reserve a yearly rent is through a registered instrument. Any other immovable property leases may be executed either through a registered instrument or by a lessee agreement combined with the delivery of possession. When a lease of real estate is made through a registered document, both the lessor and the lessee must sign each document separately if there is more than one.
Occasionally, the State Government may announce in the Official Gazette. It will instruct that leases of real estate, other than leases from year to year, or for any period surpassing one year, or securing a yearly rent, or any category of such leases, may be formed by unregistered instrument or by oral agreement without delivering possession.
What is the formality of registration and execution under Section 107?
Section 107 covers a few topics relating to a lease's formal conditions. The Amendment of 1929 brought significant changes to the law by requiring the mandatory registration of lease agreements, even for terms shorter than a year. It is unless the lease was performed orally and was accompanied by the surrender of possession. The amendment further stated that both the lessor and the lessee must sign the lease document.
You are now aware of Section 107 of transfer of property Act.
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What is transfer of property in Section 107?
Sarthak
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2023-04-05T10:59:58+00:00 2023-04-06T12:47:27+00:00Comment
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