Conceptually, 'transfer of a property'
means the transfer of rights, title, interest and capital of the immovable
property. Transfer of flats can be affected by any one of the following modes:
When a person transfers his flat for monetary
consideration to any other person vide an agreement of sale such a transaction
is a transfer by sale.
When person transfers his flat without any considerations
to any other person vide a Gift Deed, such a transaction is a 'transfer by
gift'.
When person releases his right, interest, title and
capital in his flat without any consideration to any other person vide a
release deed such a transfer is called transfer by release.
Where any person has made a will in respect of any
properties owned by him then on his death the will comes into force. In law, a
person who has made a will is known as the 'Testator'. If any flat owned by any
person is bequeathed in this manner then upon obtaining a probate from a
competent court such bequeathed flat can be then transferred to the person who
is the beneficiary of that will vide the probate. Such a transfer is without
any consideration. Here the society should be vigilant enough to understand
that the will couldn't be accepted as an instrument of transfer without any
probate.
If the owner of a flat dies without making any will or
has not made any nomination of the flat; the flat can be transferred to the
legal heirs of the flat owner. In some cases where there is a conflict among
the legal heirs, the society should preferably ask for a 'succession
certificate' of the competent court.
The owner of a flat can transfer his flat by nomination
to any other person. To nominate the owner must submit the nomination form in
triplicate to the society.
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