Transfer of property act applies on every living entity who conveys the immovable property by the act of the parties. The transfer under Transfer of Property Act doesn’t always need to be in writing or registered, it varies from case to case. Here, we will know when you need to register the transfer & when you need it in written form.
Transfer required to be in writing
- Sale of tangible immovable property needs to be registered but their value should be of 100 rupees or more than 100 rupees. Here, tangible immovable property means any immovable property which can be touched and seen.
- Sale of intangible property needs to be registered in writing without any value measurements. For instance – registration of shares.
- Sales of reversion also need to be in writing. Here the owner sells part of his property to the insurance company while having the right to live there.
- Simple mortgage along with other mortgage except mortgage by deposit of title deeds need to be registered in writing. Here the value of the immovable property must be of 100 rupees or more than 100 rupees.
- The lease
- Exchange of immovable property ( Section 118 of Transfer of Property Act) with principal value of 100 rupees or more than 100 rupees also required to be in writing.
- Gift of immovable property (Section 123 of Transfer of Property Act) also need to be in written however the gift of moveable property can be in oral too.
- Transfer of actionable claims ( Section 130 of Transfer of Property Act) also need to be written.
Actionable claim has been discussed above because it needs to be in writing. Actionable claim means any claim which is recognised by the court as a ground for giving relief to the plaintiff.
Actionable claim is further divided into two – unsecured debts and the claim for the beneficial interest of the person who is not in possession of the movable property.
Here, we need to understand that all the transfer which required to be written also need to be registered under Registeration Act, 1908 except the transfer of actionable claim.