The word property is derived from the French word propre which means “one’s own” In other words, objects which can be legally owned by an individual or entity can be termed as its property. The law relating to the transfer of property is the major aspect of Property Laws. A property is said to be transferred when the title to such property is conveyed from one person to another.
According to the principles of Roman law, ‘property’ is “ius utendi et abutendi re sua, quatenus iuris ratio patitur”, which means “the right to use and abuse a thing, within the limits of the law”. It can be mentioned here that every thing does not fall within the scope of property. Like the sea, or the air, cannot be appropriated; as every one may enjoy them, but has no exclusive right in them.
In the US, the fundamentals of property law are the same throughout though certain concepts are state specific.
English property law introduced by the Norman Rulers was based on the feudal system wherein all land belonged to the Crown and rights in such land were granted in return of services rendered to the Crown. Modern rules pertaining to property transactions in England is governed by the Law of Property Act 1925
In India, property transactions are controlled by the Transfer of Property Act, 1882 which is applicable to transfers by act of parties and not to transfers by operation of law. Further, the Transfer of Property Act deals with the transfer of property between living persons (inter-vivos). However, in events when the provisions of this Act are not applicable to a particular case, the courts in India have applied rules of the English law