Co Owner to Sole Owner in case of Co op hsg Soc
Suresh
(Querist) 25 January 2010
This query is : Resolved
Hi,
I brought a flat in a Co op Soc in Ahmedabad before marriage. Due to lack of income eligibity, my brother was added has a Co owner as well as Co borrower in the property. (though there was/is no monetary contribution from him towards buying the property till date) Now i am married and wants to transfer his co ownership (mutually agreed)to my wife. Pls suggest me the further procedures with least cost effective manner.
Raj Kumar Makkad
(Expert) 25 January 2010
Go to civil court and file a suit against your brother for declaration showing the house/share of the brother in a family settlement had been given to your wife and now he has refused to get it transferred and on notice, your brother before court shall make a statement that he has no objection. So case shall be decreed with consent and this shall not involve any cost except the litigation charges. Get that decree entered in the record of the relevant authority.
Suresh
(Querist) 25 January 2010
Mr. Makkad thks for the suggestion..
Request you to reply me the second best alternative, since going to court may not b considered the best way in the family.(particuly when it is with consent) Secondly i also want to know whether the bank will hv any objection since home loan is still goin on and most of the documents are with them ?
Pls elaborate this line "now he has refused to get it transferred and on notice" what is this transfer procedure ??
B K Raghavendra Rao
(Expert) 25 January 2010
You say your brother is a co-owner and is not interested in relinquishing his rights over the property. You have no option but to issue a legal notice and approach court of law, if and only if you can show that he has not invested any money in the purchase of the property.
Banks are bothered only about repayment of loan and not with family arrangements so long as the property is not alienated without their prior approval.
Try to get over your brother offering him some solace amount so that court litigation could be avoided. The second method would be request your elders to advise your brother to relinquish his rights in the property as it is improper for him ride over the property which does not belong to him in reality.
B K Raghavendra Rao
(Expert) 25 January 2010
You say your brother is a co-owner and is not interested in relinquishing his rights over the property. You have no option but to issue a legal notice and approach court of law, if and only if you can show that he has not invested any money in the purchase of the property.
Banks are bothered only about repayment of loan and not with family arrangements so long as the property is not alienated without their prior approval.
Try to get over your brother offering him some solace amount so that court litigation could be avoided. The second method would be request your elders to advise your brother to relinquish his rights in the property as it is improper for him ride over the property which does not belong to him in reality.
Suresh
(Querist) 26 January 2010
no sir, u misunderstood. i am saying that, my brother is ready to reliquish his co-ownership/share. i want a procedure without approaching court.
Raj Kumar Makkad
(Expert) 26 January 2010
Even if your brother is ready to relinquish his share even then this is the only procedure without incurring any cost as suggested my me. This is not a contested case rather a consent decree case. You both are at consent but shall falsely show a contest and shall make a compromise in court. This is not a matter wherein approaching court is not treated as good. This is just a show of contest actually it is consent.
even then if you do not deem it fit to approach court then get gift-deed executed from your brother which shall cost about 4% of the cost of the property to be gifted.
Suresh
(Querist) 26 January 2010
Thanks for the suggestion sir,
your method is interesting bt arm twisting ! i still hv few confussion left to apply that. In your first reply you said "get decree entered in the record of relevent authority"
*which relevent authority r u talking abt ?
*will tht suffice for any problem with the property in future ?
your second alternative was to execut gift deed.
*Is it true that a gift deed between family members would hv some concession ?? if yes, then hw much in ahmedabad ?(approx)
*Also the 4% cost which u said would be on entire property cost or his 50% share only ?
