WILL:-
A
will bequeathing one’s separate or self-acquired property is also a document of
title. During his life time if a person wants to retain his separate or self
acquired property and make a device stating as to who should get his property
after his demise, he can execute a will. The executant is called the ‘testator’
and the beneficiary is known as ‘legatee’. A will is executed often with a view
to avoid disputes after the life time of the testator and also to perpetuate
his last wish as to who should get his property after his demise. A will comes
into effect only after the life time of the testator and during his life time
the testator can deal with his properties as he likes. The residuary property
which the testator has not disposed of alone would devolve on the legatee. A
testator can change his mind and execute a fresh will. The last will alone
would prevail.
A
will is a document which is not compulsorily registrable. However a registered
will would have some sanctity and credibility. What is essential in a will is
that it should be attested at least by two persons.
While
perusing a will as a document of title care must be taken to know whether the
legatee gets absolute title or a life estate. If there is a person who gets
life estate and another person getting the vested remainder, there is no use of
purchasing the property from the life estate holder. So also during the life
time of the life estate holder the person who gets the vested remainder cannot
sell the property. Suppose the life estate holder and the person who gets the
vested remainder (If he or she is a major) join together to sell, they can do
so since they jointly get absolute title.
5. Release Deed:-
If
a property is owned jointly by two or more persons each would have his share.
If one sharer should get the shares of other sharers, a release deed could be
executed under which the other sharers relinquish or release their shares to
one person. Such a release deed is therefore by itself not a document of title.
It reveals as to who gets absolute ownership or title of the joint properties
or joint family properties. While investigating a release deed care must be taken
to find out, how many persons jointly own the property and whether all the
other sharers jointly executed the release deed.
6.Exchange Deed:-
For
the sake of convenient enjoyment owners of properties exchange their
properties. By merely looking into an Exchange Deed we cannot decide whether a
person who got the property under the said deed derived title thereto. For, the
person who gave in exchange a particular property must be the owner of the said
property and his title should be probed.
7. Sale
In
execution of a money decree the property of the judgment debtor is attached and
brought for Court auction sale. The highest bidder gets the property under a
sale certificate issued by a competent Court. Such a sale certificate is also a
document of title. However there is no covenant of title contained in a sale
certificate issued by a Court. When an individual executes a sale deed he gives
an assurance that in case of defect in title he would make good the same. Such an
assurance is called covenant of title
in legal parlance. Such a covenant of title cannot be expected from the Court,
which issues the sale certificate.
The
sale certificate should have been utilized for taking possession of the
property through Court. The possession receipt coupled with the sale
certificate must be absolutely necessary for a purchaser to assure himself of
title and possession. Of course reasonable enquires must be made by the
purchaser about the Judgment Debtor’s ownership of the property sold in Court
auction.
Such
public auctions are held not only by civil Courts, but also by the revenue
department, Banks and some other financial Institutions, for recovery of their
dues.
