Hi friends,
My wife and I are Indian citizens living in the USA. We will part ways by mutually agreed divorce (dissolution) of marriage in a few months from now. We are delaying filing the papers in court due to some personal reasons.
We jointly own a residential property at Bangalore and it currently has a mortgage on it. I will get this property along with the mortgage liability on it. I plan to refinance this loan to bring down the EMI by increasing the tenure.
1. If wife is willing to sign as co-applicant all papers required to refinance this mortgage now, is it better to apply as co-applicants now or is it better to get the loan after the property rights are transferred to me?
2. Which of the following is (are) the best option(s) to transfer the property rights to me:
a. Release Deed while still legally married (nil registration charges for relatives)?
b. Power of attorney while still legally married to sell the property any time?
c. Any of the above documents after formal dissolution of marriage?
d. Marriage dissolution agreement showing the property being given to me (will be doing this in any case)?
e. Any other options?
3. Additionally, can all of the documents be done in US and attested by the Indian Embassy/Consulate instead of wife being in India personally for this (she will not be able to do this in the near future)?
I would greatly appreciate answers and any additional insights from all legal experts, especially those with knowledge of Karnataka laws/rules.
Thank you very much in advance!
Kannan
