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Legally Speaking - Can You Transfer All Your Property
Legally Speaking - Can You Transfer All Your Property
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You do enjoy the legal right to transfer the ownership you have on
an asset, including property, to someone else. According to the
Transfer of Property Act, 1882, "property of any kind may be
transferred" by a person "competent to contract and entitled to
transferable property, or authorised to dispose of transferable
property not his own". However, this rule is not without
exceptions. The Act also talks about property that you cannot
transfer. Various clauses of Section 6 of the Act elaborate on this.
While leasing your property, you may insert certain terms and
condition in the contract. In case the party who has taken the
lease of the property fails to meet these obligations, the owner
will have the right to re-entry. For instance, you told the company
which has taken your office space on lease not to sub-let the
premises. In case the company fails to do so, the lease contract
would be broken, and you will have the right to re-entry. Now, the
law says that the person who has leased his property and enjoys
the re-entry right cannot transfer the same to a third party.
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