Properties can be of two types: Movable and Immovable. Also, the
property transfer can be between the persons residing in the same country or between the persons residing in other countries. Movable property generally refers to money, intellectual property, any type of rights etc whereas immovable property refers to real estate.
In India, the property transfer between the persons residing in India is governed by the Transfer of Property Act 1882. The Act refers to certain kinds of transfer of property, such as sale of property, lease or renting of property, mortgage of property, gifting property and exchange of property. Apart from these, there are certain other transactions which resemble transfer of property, though they do not actually amount to a transfer, such as partition, availing paying guest accommodation, creation of a charge etc.
Let us have a look into some type of Indian property transfers:
Sales and Purchase: In this type of transaction, an owner sells his property to the buyer. This is a complete handing over of the property rights to the buyer at an agreed upon cost.
Mortgage is a transfer of an interest in
immovable property as security for a loan. There are different kinds of mortgages some of these are listed in the Transfer of Property Act and some have evolved over practice.
All most all, kinds of mortgage require a written instrument and registration. Once a mortgage is created, it sticks to the property, even if the property is sold or gifted.
Renting and leasing involves an owner and tenant. The owner passes his rights over the property to the tenant for a stipulated amount of rent. The other type of transaction is called exchange. As the name suggests, exchange involves bartering of properties without the payment.
A release/relinquishment transaction involves more than one owner or joint owners. In such type of transaction, one joint owner relinquishes his right on the property in favour of another. A release or relinquishment is not referred to in the
Transfer of Property Act. It is a term that has arisen out of usage. It is a transaction that is similar to a transfer and amounts to a transfer.
In order to transfer the immovable property,
the Reserve Bank of India has stipulated some guide lines.
We at Pindoria Solicitors facilitate our customers not only with the best advice but also with all other support and guidance needed to get the job done. Pindoria Solicitors has extensive knowledge and expertise in giving advice regarding the issues of
asset protection and Indian property transfer.
