Property Type

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Property Type

 

Agricultural:

  1. Land
  2. Farm House

 

Residential:

  1. Land
  2. Row House
  3. Apartment
  4. Society House
  5. Bungalow
  6. Colony

 

Commercial

  1. Land
  2. Showroom
  3. Shop cum Office
  4. Shop cum Flats
  5. Hotel
  6. Software Park
  7. Business Center
  8. Warehouse/Godown
  9. Corporate Office Park
  10. Conference/Training Centre

 

Industrial

  1. Land
  2. Shed
  3. Estate

 

Modes of Acquisition of Ownership:

 

Original Mode: The original mode is the result of some independent personal act of the acquirer himself. This mode of acquisition may be of three kinds:

 

  1. Absolute: When a ownership is acquired over previously ownerless object i.e. who took it first became the owner. For example when one shoots a bird or deer in a jungle open to public get gets the ownership.
  2. Extinctive: Where there is extinction of previous ownership by an independent adverse act on the part of the acquirer, e.g. prescription. This is how a right of easement is acquired after a passage of time prescribed by law.
  3. Accessory: When requisition of ownership is the result of accession. E.g. if tree bears fruits, the produce belongs to the owner unless he has parted with the right to the same.

 

Derivative Mode: When ownership is derived from a previous owner it is called derivative acquisition. This is derivative mode takes place from the title of a prior owner. It is derived either by purchase exchange, will, gift etc. Every legal system of the world provides some rules for the requisition of ownership by this mode. Indian Transfer of Property Act provides rules for the transfer of immovable property, Sale of Goods Act lays down rule for the transfer of movable property, Partnership Act for the transfer of property of the firm and the Companies Act for the transfer of Company property. Thus, the Derivative mode of acquisition of ownership may be:

 

  1. Title of prior owner
  2. Purchase
  3. Will
  4. Gift
  5. Transfer of Ownership
  6. Succession
  7. Exchange
  8. Sale

 

Title of Prior Owner: Agreement is an important means for acquiring property. In agreement a title is acquired with the consent of the previous owner. A wide connotation has been given to agreement as the model of acquiring property.

 

Purchase: A contract for sale does not confer title in immovable property. Section 54 of the Transfer of Property Act provides that a contract for the sale of immovable property is a contract that a sale of such property shall take place on terms settles between the parties; it does not of itself, create any interest in or charge on such immovable property. However still, if a person has entered into possession over immovable property under a contract for sale and is in peaceful and settled possession of the property with the consent of the person in whom vests the title, he is entitled to protect his possession against the whole world, excepting a person having a title better than what he or his vendor possesses.

 

Will: This is the one and only instrument which allows a person to dispose his property while he is alive and to take effect after his death.

 

Gift: The Hindu Succession Act has not made any provisions for making a gift by a manager of a joint family of his interest in the joint family property and as such Section 30 does not avail to the appellant and clearly of the opinion that the gift by the first defendant are invalid even as regards his interest in the joint family properties. There can be a valid gift of property in the possession of a lessee or a mortgagee and a git may be sufficiently made by delivering constructive possession of the property to the donee. Some authorities still take the view that a property in the possession of a usurper cannot be given away but this view appears to us to be too right. The donor may lawfully made a gift of a property in the possession of a trespasser. Such a gift is valid, the donee or des all that he can to put it within the power of the donee to obtain possession.

 

Transfer of Ownership: The rights of a transferee from a co-owner are regulated by Section 44 of the Transfer of Property Act which provides that whereas one or two or more co-owners of the immovable property legally competent in that behalf transfers his share of such property or any interest therein, the transferee acquires as to such share or interest and so far as is necessary to give effect to the transfer, the transferor’s right to joint possession or other common or part enjoyment of the property, and to enforce a partition of the same but subject to the conditions and liabilities affecting at the date of the transfer, the share or interest so transferred. According to this statutory provision also what transferee gets is the right of the transferor to joint possession and to enforce a partition of the same irrespective of the fact whether the property sold is fractional share of specified portion, exclusively in possession of the transferor.

 

Succession: The natural way of acquiring title to property is by succession. By succession property devolves on a person as a matter of course by operation of law, partition, custom or usage under intestate succession and testamentary succession operates in a different way and is dealt with hereunder.

 

Exchange: Section 118 of Transfer of Property Act defines exchange as “when two persons mutually transfer the ownership of one thing for ownership of another, neither thing or both things being money only, the transaction is called as exchange.

 

Sale: Sale is the most convenient mode of transfer of immovable property and consequently purchase is the ideal mode for acquiring title.