Prasad (-) 11 March 2011

Help needed

Hi,

I have purchased one property in pune and the agreement is done. Though the own contribution is mine only and loan also is on my name only, on agreement we have put my and my brother's name (unknowingly that he would be half owner :( ). Now bank is creating issue saying that property should be in my name and asking me to do release deed. Would you please help me on following questions -

1. Our agreement is done, but we haven't got the agreement document as it is yet not scanned at Registrar office. Will this help anyway to remove my brothers name from the agreement?

2. If i do release deed, how much would i need to pay?

3. Is sale deed and agreement same thing? If not, I think we havn't done sale deed, will it help anyway?

Your help is greatly appreciated.

Regards

Prasad.

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2 Replies

Raj Kumar Makkad (Adv P & H High Court Chandigarh) 11 March 2011

You have to secure bank loan for purchasing the house/plot and have made agreement for sale (purchase for you) in the name of you as well as in your brother's name.

It has no problem as sale-deed is yet to be executed. Either bank should implead you both brothers as loanee jointly or you get changed agreement. Both the options are open for you. Agreement can be got availed solely in your name.

Prasad (-) 13 March 2011

Hi Raj,

Thanks for your reply. Had one more query, How much do i need to pay for it? Bank's legal panel says I need to do a release deed and it will charge me half the stamp duty again. How do I change agreement as it is alreadt registered with registrar office and what will be the charges required?

Thanks once again.

Regards

Prasad