Gift deed
R V Shastry
(Querist) 17 December 2019
This query is : Resolved
I want to gift my residential property to my daughter. However I have mortgaged my property with a NBFC and the original sale deed is with them. How to register the Gift Deed? Kindly tell me
kavksatyanarayana
(Expert) 17 December 2019
You have posted the same query in Forum thread. However, While the property is mortgaged, you cannot transfer the property until the mortgage deed is released. Is the property your self or ancestral?
R V Shastry
(Querist) 18 December 2019
It is my self property and not ancestral
kavksatyanarayana
(Expert) 18 December 2019
After the completion of the mortgage, you can gift it.
Guest
(Expert) 18 December 2019
Executing A Registered Will would be possible. Discuss with Senior Document Writer at concerned Registered Office
Sankaranarayanan
(Expert) 18 December 2019
First close Mortgage commitment then proceed the Gift Deed
Raj Kumar Makkad
(Expert) 18 December 2019
If you want to gift the mortgaged property in the same condition then with the written consent of the bank/NBFC, you can definitely do it otherwise get the mortgage redeemed first and with non-encumbrance certificate, you can gift it as desired by you.
Guest
(Expert) 19 December 2019
The Mortgage will not have any binding in Executing a Registered Will
Guest
(Expert) 19 December 2019
Discuss with a good knowledgeable Document Writer in concerned Registrar Office
T. Kalaiselvan, Advocate
(Expert) 28 December 2019
When the property is in mortgage, the gift deed even though registered does not have validity and the rights will not transfer on your daughter. Likewise, the gift deed executed by you in favour of your daughter will be infructuous. Even if the daughter comes forward to pay the loan amount, the deed will not get validity.
You may have to discharge the mortgage loan in full, get no due certificate, retrieve the title after which you can legally transfer the property to your daughter by executing a registered gift deed.
Dr J C Vashista
(Expert) 02 January 2020
You will have to redeem mortgage before executing a Gift Deed in favour of your daughter.
It is advisable to consult a local prudent lawyer for better appreciation of facts/documents, professional guidance and proceeding.
