What is Property?
Anything which can be transferred from one person to another person is called property. There are two kinds of property; 1. Tangible 2. Intangible. Tangible can be further divided into the moveable or immovable property.
Transfer of Property
Transfer of property means an act by which a person conveys property to one or more persons. The act of transfer may be done in the present or for the future. The person may include the individual, company or association, or body of individuals and any kind of property may be transferee. The transferee need not be a competent person like a transferor. A transferee can also be a minor, insane, or child in a mother’s womb.
Modes of Transfer of Property
Transfer of property is done by the action of the parties e.g. Sale, Gift, Exchange, Lease, Mortgage, and Actionable claims.
Involuntary transfer of property done by the operation of law e.g. Inheritance, Will, Insolvency, Forfeiture, and sale in execution of the decree.