Movie Case Study
The scene shows a conversation between Gomango (played by Ranjeet) and his son. Gomango is a wealthy stud farm owner. On his farm, horses are bred. He had recently sold Sikander (a horse) to a man named Syed Ali. However, the ownership remained with him as the transfer deed did not show Syed’s name.
In this blog, Learning Perspectives will explore the meaning of the transfer of ownership.
What is a transfer of ownership?
A transfer of ownership means the transfer of legal rights to the asset to the buyer.
Means of transfer:
Sale:
When someone sells their asset to another party, it is called a sale. This sale can be an individual sale or a business sale.
Inheritance:
When someone passes away, their ownership can be transferred. This is generally done through their will or inheritance. Their assets are distributed to heirs or beneficiaries.
Gift:
Gifts are a great way to transfer ownership. Many times, individuals give gifts to others; these can be property or an asset. In this case, there is no transfer of money, only ownership; however, there can be tax implications when the value of the gift is greater than Rs. 50,000.
Donation
Similar to gifting, a donation involves transferring ownership without a direct exchange of money, often for charitable purposes.
Foreclosure:
In the case of a loan or mortgage, the lender may take ownership of a property through foreclosure if the borrower fails to meet their repayment obligations.
Conveyance
Legal documents such as deeds, titles, or contracts are used to convey ownership rights and responsibilities from one party to another. These documents specify the terms and conditions of the transfer.
The specific procedures and legal requirements for transferring ownership can vary depending on the jurisdiction, the type of asset or property involved, and the parties’ agreement. It is essential to follow the applicable laws and regulations to ensure a smooth and legally binding transfer of ownership. Additionally, some assets, like real estate, may require formal registration with a government authority to record the change in ownership officially.
