Legal Status of Perfect and Imperfect Title in Property: A Historical Analysis
34 Pages Posted: 20 Sep 2012
Date Written: July 12, 2012
Abstract
In the case of a transfer of property, a person may acquire a contingent interest as against a real interest or vested interest in the property. The relevant provisions are contained under Section 21 of the Transfer of Property Act. According to the statutory provisions, where on a transfer of property an interest is created in favour of a person to take effect only on the happening or not happening of a specified event, he acquires a contingent interest in the property.
In countries with a sophisticated private property system, documents of title are commonly used for real estate, motor vehicles, and some types of intangible property. When such documents are used, they are often part of a registration system whereby ownership of such property can be verified. In some cases, a title can also serve as a permanent legal record of condemnation of property, such as in the case of an automobile junk or salvage title. In the case of real estate, the legal instrument used to transfer title is the deed.
Keywords: Transfer of Property, Title
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