Joint ownership with father
SS
(Querist) 23 July 2013
This query is : Resolved
hello,
I own a property flat in Mumbai with joint ownership with my Father.
I am the sole bank loan payer of the loan taken on this property and now since the property is released from bank, i want to have it sole ownership of the property?
My query is:
How to proceed with requirement of paperworks?
If in case,my father denies to release his share and demand to sell the property instead, which i am not interested to, what should be done`?
What happens in case either of us demise?
Will my share gets transfered to my wife? OR do i need to add her as a co-owner again?'
Thanks and regards
ajay sethi
(Expert) 23 July 2013
your father can execute gift deed in your favour . it attracts 2%stamp duty .
if your father refuses to release his share you can buy your father 50%share in property
you can execute will in respect of your share in property and also make nomination of your share in favour of your wife
contact a local lawyer
SS
(Querist) 23 July 2013
Many thanks for the reply Mr.Sethi
Can it be done by having anyother way where i dont have to pay 2% Stamp duty`?
Regards
Shariq
ajay sethi
(Expert) 23 July 2013
2%is nominal stamp duty . it is as per ready recokner rates . but has your father agreed . he can execute deed of relinquishment .
Dr. Jyothi Vishwanath
(Expert) 23 July 2013
Your father has to make a will in your favour. You save your stamp duty.
Rajendra K Goyal
(Expert) 23 July 2013
Gift deed is better, will can be changed at any time.
Sri Vijayan.A
(Expert) 23 July 2013
1.How to proceed with requirement of paper works?
RELEASE DEED, IN FAVOUR OF YOURSELF, IS THE BETTER CHOICE. YOUR DAD HAS TO AGREE FOR THAT.
2.If in case,my father denies to release his share and demand to sell the property instead, which i am not interested to, what should be done`?
IF HE DENIES YOU CANT DO ANYTHING IMMEDIATELY.
IF HE DEMANDS FOR SALE OF PROPERTY, YOU CAN BUY IT FROM HIM. OR YOU CAN GIVE THE AMOUNT AND GET THE RELEASE DEED IN YOUR NAME REGISTERED.
3.What happens in case either of us demise?
Will my share gets transfered to my wife? OR do i need to add her as a co-owner again?'
YOUR WIFE AND YOUR CHILDREN SHALL BECOME CO-OWNERS OF YOUR SHARE OF PROPERTY.
MY ADVICE IS TO CONVINCE YOUR DAD TO MAKE A RELEASE DEED.
SS
(Querist) 23 July 2013
@ Mr.Sri Vijayan-Is there any template of the RELEASE DEED available or shall a local lawyer can help me to get that done?
Is there any place where i need to sign off since i am at present not in India?
Sri Vijayan.A
(Expert) 24 July 2013
Release deed models are available.
However, my sincere advice is to have it drafted by learned, knowledged Lawyer.
In my view, even a Licensed Document Writer do not the Legal and Literal meaning of the words contained in the deeds and its consequences.
As the Lawyers deal with the post-disputes matters, they have knowledge about the meanings and interpretations of the each and every words of the deeds.
in light of the above, my opinion is to get it done by a Lawyer of your area.
Coming to the next issue, for executing the release deed, your father alone is enough. You need not to come. THIS IS THE CASE IN CHENNAI/TAMILNADU. CONSULT MUMBAI LAWYER
SS
(Querist) 24 July 2013
@All Experts , Thanks a lot for your advices and tips.
The case is been resolved now.
Again, Thanks all and thanks LawyerClubs
ajay sethi
(Expert) 24 July 2013
thanks for your appreciation .
