In legal terms, “transfer of property” refers to the act by which a living individual conveys property, either in the present or for the future, to another living person or persons, including oneself and one or more others. The term “living person” typically refers to a human being who is conveying their property while they are alive. However, it also extends to entities like companies or associations, whether incorporated or not.

Types of Property:

  1. Immovable Property: Immovable property encompasses land, benefits arising from land, and fixtures attached permanently to the earth. This category excludes items like timber, growing crops, or grass.
  2. Movable Property: Movable property includes any type of property that is not categorized as immovable. It covers a wide range of assets, from vehicles and furniture to financial assets.
  3. Leasehold Property: Leasehold property refers to the transfer of the right to enjoy a specific immovable property for a defined period. The lessor (landlord) grants this right to the lessee (tenant) in exchange for lease premiums and annual payments. However, ownership rights remain with the lessor.
  4. Freehold Property: Freehold property represents exclusive and indefinite ownership rights over a property. Unlike leasehold, where ownership is for a specified period, freehold property ownership has no such constraints. The owner has complete control and can register or transfer the property without annual lease payments.
  5. Agricultural Land Property: Agricultural land is land primarily used for agricultural activities, such as crop cultivation and livestock rearing. This land is protected to ensure it remains dedicated to farming and is not subjected to development.
  6. Commercial Property: Commercial property includes buildings or land intended for profit generation, whether through capital gains or rental income. It encompasses various types of real estate like office buildings, industrial properties, hotels, retail stores, and more.

Understanding the types of property is essential when engaging in property transactions, including sales, leases, or acquisitions. Each type of property has its unique legal implications and considerations that should be carefully evaluated before any transfer or transaction takes place. It’s crucial to consult legal experts to navigate property transactions effectively and ensure proper compliance with relevant laws and regulations.