The Transfer of Property Act came into existence in 1882. Before that, the transfer of immovable property was governed by the principles of English law and equity. This Act deals with the transfer of property inter vivos, i.e., a transfer between living persons. It contains the transfer of both movable and immovable property but a major portion of the enactment is applicable to the transfers of immovable properties only.

Important Definitions

Immovable property

Under transfer of property, the immovable property can be defined as all property are immovable property other than standing timber, growing crops, or grass. 
 

Instrument

 Instrument refers to a non-testamentary instrument. It acts as evidence of the transfer of property between living parties. According to the legal dictionary, an instrument refers to a formal legal document. 

Registered

 According to the transfer of property Act, 1882 registered refers to any property registered where the act is operative. One must comply with various procedures of registration.

Attested

It refers to a formal document signed by a witness. 
 
Actionable claims

A claim to any debt, other than the debt secured by mortgage of immovable property or by hypothecation or pledge of movable property or to any beneficial interest in a movable property or to any beneficial interest in movable property not in the  possession, either actual, or constructive possession of the claimant which the civil courts recognize as affording grounded of relief, whether such debt or beneficial interest be existent, accusing, conditional or contingent.

Notice

Notice refers to knowledge of the fact. The person has knowledge of facts about various circumstances.

Essential elements of the Transfer of Property Act, 1882

• To be a living or juristic person: For a transfer of property, there must be a transfer between living or a juristic person.
• Transfer through Conveyance: Conveyance of property can be either done in the present or in the future. 
• The Property must be transferable

The rule against perpetually

 It is necessary that the property must be transferred during the lifetime of an individual perpetuity rule should not be followed during the time of transfer of property. 

Property cannot be transferred to an unborn child

 A property cannot be transferred to an unborn child necessary to consider that while transferring the interest of the property person should be above the age of 18 years.

Conditional transfer of property

Under Section 25 of the transfer of property Act, 1882, the property can be transferred complying to the condition mentioned. If the condition becomes impossible, forbidden by law, opposed to public policy, or is immoral the transfer would be held void. 

Kinds of transfer under the Transfer of Property Act, 1882

Sale of immovable property: There is a transfer of ownership from the buyer to the seller in exchange for the price. Delivery of tangible property from the seller to the buyer. 

Mortgage of immovable property: The property gets transferred from the buyer to the seller in the form of a mortgage where the immovable property is mortgaged to secure a loan. The mortgagor has to pay the principal loan along with the interest to release the immovable property from the mortgage. 

Leases of immovable property: The possession of the property is being transferred from one person to another person for a fixed price in this scenario there is no transfer of ownership. 

Exchange of immovable property: When two persons mutually decide to transfer immovable property it would be referred to as an exchange of property. 
Gift of immovable property:  According to the transfer of property Act, 1882,  gift refers to a transfer of movable or immovable property violently or without the consideration, by one person that is donee, to donor transfer is accepted by and on behalf of the donee.