Exchange

2 persons undertake mutual transactions (one property for another). Theres no money being exchanged Section 118 to 121

Gift
There must be a voluntary transformation of ownership without any consideration. The subject matter must be certain. Only through registered instrument. It must be accepted by the donee. It can not be revoked. You cant gift one existing + One future Gift by one instrument (it will be void)

Example
Kunal gifts his bunglow to Aditi, but Aditi doesnt know about it. Can Kunal cancel the gift? Yes- but only till the time Aditi knows about it and accepts it. Once Aditi has accepted the gift it cannot be revoked.

Onerous Gifts
Here gift is combining some obligation also. The donee is at a liberty to accept it or not.

Lease
Transfer of right to enjoy property It is for a fixed time Transfer must be accepted by the transferee It is made for consideration/ rent

Duties of lessor
Disclose all material defects Put the lesee in the possession of the property Allow quiet enjoyment of the property

Duties of lessee
Disclose all interest that lessee has in the property Return to the lessor the possession of the property Pay on time Safeguard the property Remove all fixtures created on the property

Mortgage
To transfer a property for some time (for securing loan). Unsatisfactory Mortgage Sec 58(d) whether mortgager (the person who gifts the property) and authorizes him to retain possession until payment of the mortgage money and to receive the rents/profits( but there is no rights to sell the property)

 English Mortgage Here the mortgagor transfer the property to the mortgagee and upon completion of time gets the property back in his own name. For example Kushal sells his property to Nisha and on due date makes the payment and collects the property back from Anchal and so there are 2 sales transactions.

Essentials of Mortgage
Mortgage is transfer of interest in order to secure payment of loan. Suppose Richa wants to take a loan , She mortgage her property to bank. The bank can foreclose the property if Richa doesnt makes the payment of loan. Mortgage is about immovable property (Hypothetication is about movable property).

Types of mortgage
Simple Mortgage Mortgage by conditional sale. Usufractuary Mortgage English Mortgage Equitable Mortgage English Mortgage

Equitable Mortgage
Here the person delivers documents of immovable property to the mortgager