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LEASE

LEASE According to section 105 of the transfer of property act 1882,a lease of immovable property is a transfer of a right to enjoy property.it is the method of acquiring the right to use equipment or real property for consideration. Lease is a contract between lessor and lessee for the fixed term for the use on hire of a specific asset selected by lessee.Lessor retains ownership of the assets and lessee has possession and use of the asset on payment of specified rental over a period. It is a sort of contractual arrangements between the two parties whereby One accquires the right to use the property called "LESSEE"  and the other who allows the former the right to use his owned property called the "LESSOR". ESSENTIAL ELEMENTS: The essential legal elements of lease are 1). The parties (lessor or lessee) 2). The subject matter of lease 3). Demise or partial transfer of such property 4). The term and period of lease  5). The consideration or rent
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CHARGE

CHARGE • The term charge has been defined by section 100 of the transfer of property act in the following words: "Where immovable property of one person is by act of parties or operation of law made security for the payment of debt of money to another and the transaction dose not amount to a mortgage,the latter person is said to have a charge on the property; and all the provisions herein before contained which apply to a simple mortgage shall ,so far as may be ,apply to such charge". • Nothing in this section applies to the charge or a trustee on the trust property for expense property incurred in the execution of his trust and save as otherwise expressly provided by any law for the time being in force,no charge shall be enforced against any property in the hands of a person to whom such property has been transferred for consideration and without notice of the charge. •Thus the charge is a security for the payment of a debt of money to another. ESSENTIAL ELEMENTS- 1) It is c...
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LICENSE

License • A right to do or continue to do something which would otherwise be unlawful in or upon an immovable property when granted is called license. • A license is purely a non - transferable and a personal privilege. • It is not connected with the ownership of propert CHARACTERISTICS OF LICENSE 1.) It is granted by one person to another or to a definite number of persons. 2.) It dose not create any intrest in property in respect of which it is granted. 3.) It is a personal privilege. 4.) It elapse with the death of licensor. 5.) It arise out of permission and not otherwise. 6.) It is not connected with the ownership of the property. 7.) It is non - transferable and non- heritable. 8.) It cannot be excercised by the servants or agents of licensee. KINDS: A license may be of the following kinds: 1) BARE LICENSE - it is purely a matter of personal privilege. 2) LICENSE COUPLED WITH GRANT OF INTREST-  it is a form of license which is coupled with a grant of intrest .but such intrest...
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SALE

SALE Sale is a transfer of ownership in exchange for a price paid or promised or part paid and part promised. Sale how made-  Such transfer in the case of tangible immovable 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. In the case of tangible immovable 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 immovable property takes place when the seller places the buyer or such person as he directs ,in possession of the property. CONTRACT OF 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 dose not ,of itself create and intrest in or charge on such property". ESSENTIAL ELEMENTS OF A VALID SALE- √.   The parties √.  The subject matter √.  Transfer...
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GIFT

  • GIFT     Gift has been defined in section- 122  of the transfer of property act 1882 as follows: Gift is the transfer of certain existing movable or immovable property made voluntarily and without consideration by one person called donor  to another person called the donee  and accepted by or on behalf of the donee. Such acceptance must be during the life time of the donor and while he is still capable of giving. GIFT ARE OF TWO KINDS 1) Gift inter-vivos 2) Testamentary gift ESSENTIALS OF A VALID GIFT • Transfer of ownership • property in existence • Transfer without consideration • It is made voluntarily • Donor must be competent person • The transfree must accept the gift  • It is inter-vivos (in between two living persons)
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MORTGAGE & KINDS OF MORTGAGE

MORTGAGE A mortgage is the transfer of an interest in specific immovable property of the purpose of securing the payment of money advanced or to be advanced by way of loan an existing or future debt or the performance of an engagement which may give rise to a pecuniary liability. The transferor is called a MORTGAGOR. The transfree is called a MORTGAGEE. KINDS OF MORTGAGE   1. Simple mortgage 2. Mortgage by conditional sale 3. Usufructuary mortgage 4. English mortgage 5. Mortgage by deposit of title deeds 6. Anomalous mortgage
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