Procedure for Transfer of Ownership of Property
JAYARAMAN RAJASEKARAN
(Querist) 26 June 2011
This query is : Resolved
My father is a retired person from private service and aged 75 now, he is hale and healthy. He has 2 sons and I am the eldest. My father possess a registered land in Trichy with all documents in his name.
I would like to construct an house in that land, since my father will not be eligible for any loan from Banks.
I would like to know the procedure for transfer of ownership of property in my name. If it is possible, what is the formalities to be undertaken.
Could you please guide me on this issue.
R.Ramachandran
(Expert) 26 June 2011
He has to gift the land to you. For that he has to execute a Registered Gift Deed. This will involve both Stamp duty and Registration Fee. The exact amount of stamp duty and registration fee, you have to ascertain from the sub-Registrar's office or some Advocate in the LCI who are familiar with the rates will indicate to you.
Once such a gift deed has been registered in your name, the land/plot would become yours and you will be in a position to apply for and obtain bank loan for construction of the building, provided you have the capacity to repay the loan.
yogesh
(Expert) 26 June 2011
CONTACT LOCAL REGISTRAR OFFICE
TRANSFER DEED
STAMP DUTY
REGISTRATION FEES
NOC FROM THE BROTHER ALONG WITH WITNESSES TO BE PRODUCED
prabhakar singh
(Expert) 26 June 2011
get a gift deed registered in your favor from
your father and also get it signed,if possible,by your brother to avoid future dispute with him with respect to gift deed.
take help of a lawyer.
Tarun Thakur
(Expert) 26 June 2011
The experts are correct . you have to make your father execute a Gift deed . Anothr way is to get the consent decree from the civil court. it will save the amount of your stamp duty. Contact a lawyer nearby you .
R.Ramachandran
(Expert) 26 June 2011
Dear Mr. Tarun,
I do not understand how a consent decree will come into picture.
To obtain a consent decree, first one has to file a suit. A suit can be filed only when there is any right and cause of action. In this case, when the property is owned by the father, and when the same is said to be his self-earned property, where is the question of filing any suit, and getting a consent decree? Even assuming that such a suit is some how filed and a compromise gets arranged, it will be highly collusive and will be frowned upon by the Courts.
prabhakar singh
(Expert) 27 June 2011
it will not only be frowned upon by the Courts but void 2 and there is bank from whom loan has 2b taken and they will not like a 'bad'simply due 2seal of Court.
RAJU O.F.,
(Expert) 27 June 2011
Before making the query to this forum you could have asked your beloved father to allot that property to you for construction of your house. Handle the whole matter amicably with the consent of other family members, so as to avoid future disputes.
