The Transfer of Property Act governs voluntary transfers of immovable property between living persons in India. It defines transfer of property as an act by which a person conveys property to one or more other persons. The Act applies only to immovable properties like land and buildings, while movable properties are governed by the Sale of Goods Act. It lays out rules for who is competent to transfer property and the types of voluntary property transfers between parties, such as sale, mortgage, gift, or exchange. The key objectives of the Act are to regulate such voluntary transfers of immovable property and complete the code of contract law for real estate transactions.