Sale of immovable property
Central Government Act Section 54 in The Transfer Of Property Act, 1882 54. ” Sale” defined.Sale how made.-” Sale” is a transfer of ownership in exchange for a price paid or promised or part- paid and part- promised.
1. Ins. by Act 20 of 1929, s. 16.
Sale how made.- 1[ Such transfer, in the case of tangible immoveable property of the value of one hundred rupees and upwards, or in the case of a reversion or other intangible thing, can be made only by a registered instrument. 1[ In the case of tangible immoveable property of a value less than one hundred rupees, such transfer may be made either by a registered instrument or by delivery of the property. Delivery of tangible immoveable property takes place when the seller places the buyer, or such person as he directs, in possession of the property. Contract for sale.- A contract for the sale of immovable property is a contract that a sale of such property shall take place on terms settled between the parties. It does not, of itself, create any interest in or charge on such property
Rights and liabilities of seller and buyer before and after completion of sale
Difference between sale and contract for sale
Leases of immovable property
The Indian Transfer of Property Act, 1882 placed before you the provisions towards Lease of Immovable Property. It contains the following terms like lease, lessor, lessee, premium, immovable property and lastly rent.
LEASE means the transfer of immovable property is transferring in a specified period with consideration by way of payment of cash paid or promised. It must be accepted by other person. But it is not contract.
For example:- The lands transferring for enjoyment for specified period with
any kind of consideration.
In this two persons one is Lessor and another Lessee.
WHO IS LESSOR
Who is transferring the immovable proprty for enjoyment in a certain
period is called tranferer. In other words who is transfering his right for a certain period for an interest or enjoyment the immovable property by way of any kind of considerationt to another.
WHO IS LESEE: The person who is accepting to transfer for enjoyment of
immovable property of another in certain period on any kind
of consideration called lesee.
THE TRANSFERBLE PROPERTY IS CALLED LEASE PROPERTY.
The following ingredients are in Lease.
1. Qualified Parties
2. An immovable proerty
3. Period or conditions of Lease.
4. The transfer right to enjoy
After fulfilling above, there are some rights and liabilities between
Lessor and Lesee.
TERMINATION OF LEASE
Lease can be terminated under the following circumstances.
1. EXPIRY OF STIPULATED TIME
2. BY HAPPENING OF IMPLIED EVENT
3. BY TERMINATION OF LESSOR’S INTEREST
4. BY MERGER
5. LESSEE SURRENDER THE PROPERTY WITH THE CONSENT OF LESSOR
6. BY THE ACT OF PARTIES
7. LEASE CAN BE TERMINATED BY FORFEITURE DETAILED BELOW
a) breach of condition (b) Denial of landlord title (c) Insolvency
The points explained supra are main in Lease.
Creation of lease
Rights and liabilities of lessor and lessee
Determination and holding over Exchange: Definition and mode
Gifts: Scope- meaning
Mode of transfer