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Property Transfer Definition Guide

Transfer of property is defined as an act by which a living person conveys property, either presently or in the future, to one or more other living persons or to themselves. A transfer of property is performed by handing the property over to the person. Conveyance of property can be effected through sale, mortgage, lease, exchange, or gift and can also be conveyed to corporations as they are legal entities. A transferor may transfer property immediately or make the transfer effective at a future date by postponing the transfer of ownership rights. When a property is transferred, it may involve transferring all or some of the bundle of rights associated with it.

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111 views2 pages

Property Transfer Definition Guide

Transfer of property is defined as an act by which a living person conveys property, either presently or in the future, to one or more other living persons or to themselves. A transfer of property is performed by handing the property over to the person. Conveyance of property can be effected through sale, mortgage, lease, exchange, or gift and can also be conveyed to corporations as they are legal entities. A transferor may transfer property immediately or make the transfer effective at a future date by postponing the transfer of ownership rights. When a property is transferred, it may involve transferring all or some of the bundle of rights associated with it.

Uploaded by

Vijaya Sri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SECTION 5: DEFINITION OF TRANSFER OF PROPERTY

Transfer of property means an act by which a living person conveys


property, in present or in future, to one or more other living persons, or to
himself, 1[or to himself] and one or more other living persons; and “to
transfer property” is to perform such act. 1[In this section “living person”
includes a company or association or body of individuals, whether
incorporated or not, but nothing herein contained shall affect any law for
the time being in force relating to transfer of property to or by companies,
associations or bodies of individuals.]

And Conveyance means the property must be handed over to the person
and conveyance of property may be effected in one of the ways i.e by sale ,
mortgage, lease ,exchange or gift. Conveyance of property to corporations
,companies , firms etc., as they have been created by fiction of law and are
known as juristic persons.

Transfer in present or future means that the transferor may transfer the
property either with immediate effect or to be effective from future date i.e.,
vesting of property is postponed to a future date.

A property is having a bundle of rights when a property is transferred or


rights partially only gets transferred.

SECTION 5: DEFINITION OF TRANSFER OF PROPERTY

Transfer of property means an act by which a living person conveys


property, in present or in future, to one or more other living persons, or to
himself, 1[or to himself] and one or more other living persons; and “to
transfer property” is to perform such act. 1[In this section “living person”
includes a company or association or body of individuals, whether
incorporated or not, but nothing herein contained shall affect any law for
the time being in force relating to transfer of property to or by companies,
associations or bodies of individuals.]

And Conveyance means the property must be handed over to the person
and conveyance of property may be effected in one of the ways i.e by sale ,
mortgage, lease ,exchange or gift. Conveyance of property to corporations
,companies , firms etc., as they have been created by fiction of law and are
known as juristic persons.

Transfer in present or future means that the transferor may transfer the
property either with immediate effect or to be effective from future date i.e.,
vesting of property is postponed to a future date.

A property is having a bundle of rights when a property is transferred or


rights partially only gets transferred.

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