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In simple words, Transfer of property means transfer of right, title and interest of property to one or more perrons or entity or more entities. The transfer can be done in carious ways like Sale Deed, Gift Deed, Release Deed, Transfer of interest of the property also called as ‘Transfer of Property’. It is not necessary that transfer always counts as transfer of title or ownership e.g. Mortgage Deed, Lease Deed. Transfer can be of movable or immovable properties.
- Succession –
- The passing of property in possession or enjoyment, present or future, and dispositions of property by will, deed or laws of descent, by reason whereof any person shall become entitled in possession or expectancy to property upon the death of any other person.
- Inheritance -
- Inheritance is some sort a legal and fictitious continuation of the personality of the dead man, for the representation is in some sort identified by the law with him who he represents. Specifically refers to the rights of individuals to receive property from a deceased person, usually through intestate succession. It is often seen as a subset of succession, focusing on the transfer of property upon death.
- Transferring movable and immovable property Claiming insurance, pensions, and investments
- Conducting non-financial transactions
Aspect | Testamentary succession | Intestate succession |
Control over distribution | Deceased (testator) decides beneficiaries and shares in the Will. | Law determines legal heirs and their shares; deceased has no control. |
Beneficiaries | Anyone can be named (family, friends, charities, etc.) | Only legal heirs as defined by the applicable succession law. |
Role of executor | Executor named in the Will carries out the distribution. | Court may appoint an administrator if needed. |
Flexibility | High flexibility, - testator can modify property distribution as per specific wishes | None, - distribution follows a fixed legal order |
Transfer process | Requires probate for Will validation before property can be legally transferred. | Succession certificate or legal heir certificate may be needed to transfer property title. |
A nominee is only a person who is entitled to receive the amount and give a valid discharge for such receipt. Such person may or may not be an heir of the deceased. The true and correct position is that a nominee entitled to receive the amount or property merely holds it as a Trustee of those who are in law entitled to it.
The Executor's role in a Will is to ensure the testator's wishes are carried out after their death, primarily by administering the estate and distributing assets according to the Will. This includes managing assets, paying debts and taxes, and distributing remaining property to beneficiaries.
A codicil is a legal document that amends or adds to an existing Will. It's essentially a supplement to a Will, allowing for changes or additions without needing to rewrite the entire document. A Codicil can be used to alter, add to, or explain provisions in a Will, ensuring it remains current and accurate.
Feature | Arbitration | Conciliation |
Process | Formal, with an arbitrator | Informal, with a conciliator |
Decision | Binding award | Non-binding agreement |
Agreement | Requires prior agreement | Can be used without prior agreement |
Enforcement | Enforceable in court | Enforceable if formalized |
Focus | Legal rights | Interests and needs of parties |
A person of any nationality may be an arbitrator, unless otherwise agreed by the parties.
In India, the Arbitration proceeding can be availed by the Parties in any type of dispute as per provisions of Arbitration and Conciliation Act, 1996. The remedy of Arbitration can be availed through Agreement or in absence of Agreement by mutual consent.
A title search report, or search report of title investigation, is a document that summarizes the findings of a title search, which is the process of verifying the ownership history and legal status of a property. It identifies the ownership history, discloses any existing liens, claims, or legal restrictions, and provides legal clarity about the property's status.
Mutation entry is the process of updating land records to reflect a change in ownership. It involves officially recording the new owner's name and details in the land records, typically done after a property transfer (sale, inheritance, etc.).
The Real Estate (Regulation and Development) Act, 2016 (RERA Act) was enacted to bring transparency, accountability, and efficiency to the real estate sector in India. Its primary legislative intention was to safeguard homebuyers' interests, promote fair and uniform practices, and encourage the healthy growth of the real estate industry.
Allottees have several remedies against developers under the Real Estate (Regulation and Development) Act, 2016 (RERA), the Consumer Protection Act, 2019, and the Insolvency and Bankruptcy Code, 2016 (IBC). They can file complaints with RERA, initiate consumer complaints, or even trigger the Corporate Insolvency Resolution Process (CIRP) against the developer. Additionally, they can pursue Civil or Criminal Proceedings, depending on the nature of the dispute.