I and my wife have decided to end our marriage. After giving enough thoughts and efforts, we have come to the conclusion that the marriage will not work and that it would be better for both of us to walk our own paths. Two years back, we bought a flat on loan for which the down payment and the registration cost was born equally by both of us. However, the loan EMIs were paid by me. The flat ownership was registered in both our names.
Now, as the divorce settlement, she is not agreeing to sell off the flat as there hasn't been much appreciation on the property and that after paying off the loan amount there won't be much of amount left as proceeds for us to share.
She is also not willing to keep the flat for herself and pay me my share of investment.
So ultimately, I have decided to pay her share and retain the house and then maybe sell off the house at a later stage depending on my financial condition.
In such a situation,
- What is the ideal procedure to transfer her shares to my name?
- Can this be done as a gift deed considering that I'm paying her back the amount of her investment?
- Is the transfer of shares in such a situation possible considering we have a pending loan on the property (The loan also is under both our names, she been the first applicant)
- What will be the estimated cost of transfer of shares to my name?
- Will there be any other complications at a later stage?
- Any other information that I should be aware of in doing so?
I have been recommended that gift deed is the best option available to me.
Thank you.
