Decoding the Transfer of Property Act, 1882

Key Details of the Transfer of Property Act (1882)

• First Introduction on February 17, 1882

• Consists of 137 sections across 8 chapters

• Governs all property transfers in India

• Previously Regulated by English Law

• First Introduction on February 17, 1882

• First Implementation on July 1, 1882

Here Are The Key Aspects of the Transfer of Property Act, 1882

Section 3 Movable vs Immovable Property of NOC

1. Movable property refers to assets like vehicles, personal items, and electronics that can be physically moved.

2. Immovable property includes land, buildings, and anything permanently attached to the land.

Individuals authorised by the owner (those with power of attorney) are also eligible to transfer property.

Eligibility for Property Transfer

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Transferable Property

This Act also defines which types of property can be legally transferred.

In general, most forms of property are transferable.

However, the Act specifies certain exceptions, such as the non-transferability of future maintenance payments.

Special Provisions of the Transfer of Property Act

The Section 13 of the act, permits the transfer of property to unborn individuals, but becomes valid only upon their birth.

As per the Section 9, oral transfers are permissible for movable property.

Under Section 54, transfers of immovable property must be in writing and registered if the value surpasses a specified threshold.

Significance of the Act for Property Transactions

This Act provides clear guidelines that protect both the rights of the transferor and the transferee.

Adhering to the Act minimizes the risk of legal complications such as:

• Rapid infrastructure growth

• Fraudulent transfers

• Unclear terms in property deals