Release of rights on property
Sarmistha Bhide
(Querist) 17 July 2013
This query is : Resolved
husband & wife bought an under-construction property in joint name. loan for it is also taken in the joint name. Till now the property is not registered and agreement of sale between the parties is also in couples joint name. But now they are separating on mutual terms. So, one person wants to relinquish his/her rights to the property.
What is the best possible way of doing it without doing registration of property in joint name?
They want the property to be registered in single owner's name to avoid any
future hassles.
Will a release deed from one co-owner be valid/legally acceptable is this case?
since only sale agreement has happened but registration in joint name has not
happened.
Dr. Jyothi Vishwanath
(Expert) 17 July 2013
As informed by you, only agreement of sale has been made. Yet no sale deed is registered.
Is the joint loan taken or one person has taken loan and another is only a co-applicant. Clarify this.
Since the sale deed is not registered, modify your loan documents with the bank and register the property in the name of a single person.
Before the sale deed is made, no release deed can be made. If release deed is made after the sale deed, even the release deed will have to registered.
Sarmistha Bhide
(Querist) 17 July 2013
Joint loan is taken. Both husband and wife are working and contributed towards down payment as well as the loan in bank is joint.
Devajyoti Barman
(Expert) 18 July 2013
Anonymous queries are not entertained here.
adv. rajeev ( rajoo )
(Expert) 18 July 2013
Only on the basis of the agreement of sale you cannot claim tittle over the property. You have got time you can register the property in the name of one of you.
Sarmistha Bhide
(Querist) 18 July 2013
Thank you for all the suggestions.
Further to it since the loan and agreement of sale is in joint name.
So what all documents from Bank and the person who is going to release its rights are required? to make the final registration legally valid in name of single owner?
Dr. Jyothi Vishwanath
(Expert) 18 July 2013
Do one thing. Register in the name of both.
Later the person who is not interested, can make a registered gift of his share in the property to the other.
Sarmistha Bhide
(Querist) 18 July 2013
If they go for joint registration, then there can be a risk, as the one who is supposed to gift its share in property can deny doing so after registration?
Is there a way to legally bind the person to gift his share of property?
Or is there any legal way by which one person's name can be removed from joint sale agreement itself?
ajay sethi
(Expert) 18 July 2013
we dont reply to anonymous queries
