The Property Law contains the general principles of transfer of property and detailed rules with respect to specific transfer of immovable property by sale, exchange, mortgage, lease and gift. The Property Law will cover a study of important terms relevant to transfer of property, general principles relating to transfer of property and definitions and rules relating to specific transfers of immovable properties by mortgage, lease and gift. The various mode of Property Law include:
Living person distinguished from juristic person; Status of partition of joint family property. Transfers subject to a condition or limitation; Absolute and partial restraints on transfer; Exception in case of lease and married women; Restrictions repugnant to interests created; General principles; Restrictions for beneficial enjoyment of one’s own land; Positive and negative covenants.
Creation of prior interests and absolute interests in favour of unborn persons; Rule against perpetuity; Period of perpetuity; Rule of possible and actual events; Transfer to a class; Transfer when prior interest fails; Directions for accumulation of income; Exceptions Definition of and distinction between vested and contingent interests Meaning of proceedings; Collusive suits; Commencement and conclusion of suits; Specific rights in specific immovable property; Voluntary and involuntary alienations
Mortgage; Kinds of mortgages; Mode of execution of mortgages; Redemption and Foreclosure of mortgages; Clog on equity of redemption; Distinction between mortgage and charge.
Absolute and derivative lease; Lease for a specific time; Periodic lease and lease in perpetuity; Distinction between lease and license.
Tenure by a lease is an agreement that the tenant may enjoy exclusive possession for a specified period of time, also referred to as ‘term of years absolute’ The leaseholder may be designated as lessee.
The law of the Land laid down the test for distinguishing a lease, or tenancy, from a license, where the arrangement in question was intended to create legal relations, and the occupier was granted a right to exclusive possession of the premises for a fixed or periodic term at a rent, then a lease or tenancy arises. Anything else is a license.
A license gives the permission of the owner to an individual or an entity to use real property for a specific purpose. Unlike a lease, it does not transfer an interest in the real property. It is personal to the licensee and any attempt to transfer the license terminates it. It is (usually) revocable and can be either exclusive or non-exclusive.
Licenses are sometimes buried in other agreements, e.g. a memorandum of understanding. It is highly recommended that a separate license be created whenever a right to use another party’s space, usually for a shorter term, is part of a larger relationship. The separate license should be attached as an exhibit to the more general agreement.
Gift; Mode of execution of gift; Suspension and Revocation of gifts.
A gift deed is an official legal document used to give a gift of property or money to another person. It transfers the money or ownership of property from the recipient, without the exchange of money or another type of property. The transfer also occurs without requiring the recipient to work for what he receives. Property transferred in this manner is usually given out of the love and affection the giver has for the recipient.
The person who creates and executes a gift deed to transfer money or property from himself to another person is called a donor. Though he may own 100% interest in the property he intends to transfer this way, his signature isn’t enough to make the document legal. Instead, the donor must sign the form and have it witnessed.
The number of signatures needed may vary from place to place, but many jurisdictions require two witnesses. The people who sign as witnesses have to be disinterested parties, which means that they cannot have a stake in the transfer of the property. If the person stands to benefit or take a loss because of the transfer of the property, he cannot be considered disinterested and cannot act as a witness. For example, the wife of a person who will receive property may not be permitted to witness the document, as she may benefit from the gift. There may be other requirements set for witnessing the gift, depending on the jurisdiction in which it is executed. Sometimes, people create revocable gift deeds. In such a situation, the donor drafts the document but does not give it to the recipient right away. Instead, he holds onto the document until he feels ready to give it to the recipient. In such a case, the donor may revoke the gift if he sees fit to do so, and he does not have to deliver or hand over the property or money to the recipient, even if the deed is complete, signed, and witnessed. A donor cannot change or revoke an irrevocable gift deed. In this situation, the owner drafts the document and has it signed and witnessed in accordance with his jurisdiction’s laws. Once he gives the document to the recipient, the recipient takes immediate legal ownership of the gift. The donor cannot change his mind and reclaim the money or property he has transferred in this manner.