LEGALLY SPEAKING: Transfer of Property: Sale Deed or Gift Deed or Will or Relinquishment Deed.
Source: Online TOI Sale deed or gift deed – which is better when transferring property? Do you know the difference between a relinquishment deed and will? Let our experts decode different types of property-related legal jargon Transfer of property is an act of conveying property from one person to another, in present or future. According to Section 8 of the Transfer of Property Act 1882, by transferring property, transfer or transfers all rights in a property. The four modes of transferring ownership of the property include – sale deed, gift deed, relinquishment deed and will. HOW TO CHOOSE THE MODE OF TRANSFER: The mode of transfer of an immovable property will depend upon the nature of the transfer. “In case of transfer for monetary consideration, sale deed is the only method, which can be adopted. However, in case a property is to be transferred without any monetary consideration and out of natural love and affection, the transfer should be done through a gift...