Joint ownership
Twinkle Parmar
(Querist) 03 March 2016
This query is : Resolved
Dear sir
I have purchase a home at navi mumbai (kharghar) in joint names of myself as well as in brother name
What will be the future course of action when i want to remove his name from my property ?
All Payments to builders is from my saving accounts, Also loan has been in both name due to higher eligibility please advice
Shall I have to pay registration & stamp duty charges again ?
Please guide me in this matter
Devajyoti Barman
(Expert) 03 March 2016
It appears both of you only executed sale agreement and final deed of conveyance is yet to be executed.
If that is so then in the deed of conveyance you alone can pose for buyer and your brother can pose as confirming party in the ground that he has has assigned his share in your name.
In that way his name from the proeprlty would be removed.
Twinkle Parmar
(Querist) 04 March 2016
dear sir
this is the only way, is there any other alternative i.e by making new agreement or gift deed by my brother to my name
final conveyance deed is executed last month (feb 2016)
i want to remove my brother name and include my wife name in agreement
if there is new agreement, then i have pay registration & stamp duty charges
awaiting reply
Rajendra K Goyal
(Expert) 04 March 2016
Bank may proceed to recover its dues if you proceed to transfer the flat in single name / get conveyance deed registered against the terms of loan. Better liquidate the loan and your brother should gift his share to you.
Adv. Yogen Kakade
(Expert) 04 March 2016
The bank shall not allow your brother to remove his name as he is a co-borrower in the same.. your brother can gift you his share after the loan is paid with the help of gift deed and with very less amount of stamp duty charges.
Adv. Yogen Kakade
Jurycon Incorporation
Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in Call: 020-65248888
Twinkle Parmar
(Querist) 04 March 2016
dear sir
my loan is of 27 years, its only now 2 years i have purchase my flat i already contact my idbi sales officer whom help me for loan he told that name can be removed
bank need to give noc for the same
twinkle parmar
Dr J C Vashista
(Expert) 05 March 2016
You were already married and have living wife then what was the need of incorporating name of your brother as co-owner when you were financing/paying the cost of flat, there is some vital information missing (concealed) from the post.
Your brother is co-borrower for the house and loan is just commenced for 27 years, in this eventuality you will have to repay the loan before you may procure the share of your brother.
Consult a local lawyer for further query.
Twinkle Parmar
(Querist) 05 March 2016
thanks all for your valuable suggestions
R.K Nanda
(Expert) 05 March 2016
agree with experts.
