Flat as repayment against non payment of loan taken from sister for flat purchase
Ravi Prakash
(Querist) 27 July 2013
This query is : Resolved
Hi!
Can I go for an MOU today with my brother/sister for a flat purchased in my name, about 8 years ago against her money which got first transferred to my saving account through Cheque and then I issued the Cheque to builder?
The understanding was that in case I am not in a position to repay the loan, I will give him/her the flat back either through gift deed or through a 'WILL'.
Since I have a difference of opinion with my spouse, I wish to be very clear on record in case of any dispute with my spouse in the court later.
At present, I am not staying with my spouse and there is no court case going on.
Kindly share your opinion (with MOU contents if possible) and oblige.
Regards,
XYZ
Devajyoti Barman
(Expert) 27 July 2013
If you wish to buy the flat , got it wither in you own name or in the name of your parents.
The MOU would be of no help.
Raj Kumar Makkad
(Expert) 27 July 2013
Immediately gift it by way of a registered gift deed in favour of your sister before the parliament session takes place otherwise you shall have to face many problems qua that property.
Raj Kumar Makkad
(Expert) 27 July 2013
You can also mention about the previous donations of your sister for the purchase of that property in the gift deed.
Sri Vijayan.A
(Expert) 28 July 2013
From your question, what I understood is that you dont want to transfer the property in your name to your spouse.
So that you want to create a record that the property is bought with the financial assistance of your brother/ sister.
In this situation, don't get confused. Straightly make a settlement/ gift deed to your sister/ brother imposing some conditions for your future security.
Raj Kumar Makkad
(Expert) 29 July 2013
Without having facts to that effect, we cannot anticipate that the querist wants to get rid of his wife and thus wants to alienate his property or making a false story.
