What is sale? Discuss the essential elements of sale and
distinction between sale and contract of sale.
·
As
we know that immoveable property transfer in various modes. Sale
Definition of sale:
·
According
to section-54 of the transfer of property act1882;sale is a transfer of
ownership in exchange for a price paid promised or part paid or part promised.
·
According
to blacks law dictionary; sale is the transfer of property or title for a
price. There are four elements……
1. Parties competent to contract.
2. Mutual assent.
3. A thing capable of being transferred.
4. A price paid or promised.
Essentials of sale:
Following are the essentials
of valid sale….
1. The seller must be a person competent to
transfer section-07.
2. The Beyer must be a person competent to be
a transferee under section-06.he may not be a person who is disqualified to be
a transferee.
3. The subject matter must be transferable
immovable property section-06.
4. There must be a transfer of ownership
from the transferor to transferee.
5. The transfer must be in exchange for a
price or other reasonable condition.
6. The price must be paid or promised or
partly paid or partly promised.
7. There must be a sale deed between the
parties.
8. The sale deed must be registered
according its value.
According to section-54 of the transfer of property
act -1882 in case only immovable property a sale can be effected or made only
by a registered documents irrespective to its value.
Distinction between sale and contract of sale:
|
A
sale is the transfer of ownership any immovable property.
|
A
contract of sale is a contract of terms and condition of sale between the
parties.
|
|
A
sale creates a right in ram.
|
A
contract of sale creates a right in person am
|
|
A
sale is a posses an absolute right.
|
A
contract of sale posses legal title of the purchaser.
|
|
A
sale is an executed contract.
|
A
contract of sale is an executory contract.
|
|
Where
the amounts of sale are transacted the properties belong to the buyer and he
has to bear the loss if the property are subsequently damaged or destroyed.
|
In
the contract of sale the seller has to bear the loss if the property are
damaged or destroyed.
|
At last we can say that
What do you know about the contents of the
registration act1908? Discuss essentials documents which are necessary for
registration.
As we know that most essential condition of transfer
of immovable property is registration. For this registration the buyer and
seller has to maintain some rules and regulation and submit some documents
which are expressed in the registration act 1908. so we will try to discuss
about following above question in below….
Short title of this act:
This act may be called the Registration act 1908. it
shall come into force on first day of january1909.this act contains 93 sections
and divided into 15 parts and two amendments.
Most important contents of this act:
·
Documents
and documents which are compulsory for registration.
·
Documents
which are optional.
·
Time
limitation of registration.
·
Place
and manners of registration.
·
Formalities
and procedures of registration.
·
Refusal
of registration.
·
Remedies
against the registration.
·
Will
and deposit of will.
·
Adoption.
·
Effect
of registration.
·
Powers
and function of registering officer.
·
Duties
and responsibility of the registering officer.
Documents which are compulsory for
registration.
According
to section 17 of the registration act1908 following documents are compulsory
for registration…...
1.
Instruments
of gift of immovable property
2.
Declaration
of haba under Muslim personal law.
3.
Instrument
of mortgage referred to in section 59 of the transfer of property act1882.
4.
Leases
of immovable property from year to year.
5.
Instrument
of partition of Immovable property effected by person upon inheritance
according to their respective personal law.
6.
Instrument
of sale in pursuance of an order of the court under section 96 of the state
acquisition and tenancy act1950.
7.
Any
type of sell deed.
8.
Agreement
of sale or bainanama.
At last we can say that
What is transfer of property? Discuss the various modes of
transfer of property.
Every
man transfers his property for his necessity. This transfer may be various
modes which is mentioned in the transfer of property act1882. So we will try to
discuss about following above question in below-----
Definition of transfer of property:
According
to the transfer of property act 1882 under section 05 : transfer of property
means an act by which a living person conveys property in present or future ,
to one or more other living persons , or to himself and one or more other
living persons and to transfer property is perform such act.
There are three condition of this section:
1.
It
must be done by a living person only.
2.
The
living person must be 18 years old.
3.
Must
be sound mind.
4.
The
living person may be included company or corporation.
5.
The
transfer will be done at preset or future.
6.
It
must be voluntary without fraud and undue influence.
Modes of transfer of property:
There
are five modes of property which are given below---
Mortgage: a mortgage is
the transfer of an interest in specific immovable property for the purpose of
securing the payment of money advanced or to be advanced by way of lone , an
existing or future debt, or the performance of an engagement which may give
rise to a pecuniary liability.
Lease: a lease of
immovable property is a transfer of right to enjoy such property , made for a
certain time express or implied or in perpetuity , in consideration of a price
paid or promised or of money a share of crops, service or any other thing of
value.
Exchange: when two
persons mutually transfer the ownership of one thing for the ownership of
another neither thing or both things being money only, the transaction is
called an exchange.
Gift: gift is the transfer of certain existing movable property
made voluntarily and without consideration by one person called the donor ,to
another called the donee and accepted by or on behalf of the donee.
At
last we can say that
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