Investment by 2 persons, Property regd in 1 name
Priya
(Querist) 14 April 2008
This query is : Resolved
Married daughter, now separated, invested a part of her dowry with her father in a chit company. As the company could not pay, they alloted a plot in a residential project they were investing. To avoid legal formalities this plot was registered in the father's name. Now due to personal conflicts the daughter would like to take the legal rights on the property. It cant be registered now in the daughter's name due to legal complications pending in the residential project. Father has agreed to transfer to the daughter through papers on payment of his share of investment. How should this paper be executed?
I still have doubts regarding the Expert’s reply, being the following:
The residential plot is required not to built a house. If is only to be on the safe side as
relationship between the daughter and father is deteriorating. As per Alt1: given above will a signed sale deed by father suffice or should it be signed by witness or any particular officials, notary or registered? And yes the payment can be made by cheque. I am not clear regarding Alt3: Why Rs.100 non judicial stamp paper drafted by notary? Are you saying in the third alternative given after the plot is possessed for 12 years the title will come to daughter her after 12 years? The property was registered in the father's name to avoid legal formalities as the daughter was staying in a different state. Immediate registration of the plot is not possible as the residential layout is still under some litigations.
TSBehera
(Expert) 14 April 2008
There are alternatives:
Alt 1: Your father make a sale deed in your favour by accepting his share and stating clear facts.I don't know which way this is related with building project when your father is the rightful owner.
Alt 2: Your father may gift you with a gift deed/
Alt 3: Your father stating the facts and accepting his share by way of DD or cheque i.e.written documentation give you possession of the property ,you being the absolute owner thereof in a Rs.100 non Judicial stamp paper properly drafted and duly notarial ,you can enjoy the property and after 12 years of settled possession you can claim title.
But I tell you Alt 1 is better title than Alt2,Alt 2 is better than Alt.3,though Alt 3 is least expensive legally.
Priya
(Querist) 22 April 2008
The residential plot is required not to built a house. If is only to be on the safe side as relationship between the daughter and father is deteriorating. As per Alt1: given above will a signed sale deed by father suffice or should it be signed by witness or any particular officials, notary or registered? And yes the payment can be made by cheque. I am not clear regarding Alt3: Why Rs.100 non judicial stamp paper drafted by notary? Are you saying in the third alternative given after the plot is possessed for 12 years the title will come to daughter her after 12 years?
Priya
(Querist) 22 April 2008
The property was registered in the father's name to avoid legal formalities as the daughter was staying in a different state. Immediate registration of the plot is not possible as the residential layout is still under some litigations.
Srinivas.B.S.S.T
(Expert) 21 June 2008
As my friend said if you want undisputed title over the plot either you have to get a registred sale deed in your favour or you can get a registered gift deed in your favour. 12 years of possession and claiming title through adverse possession is a bit complicated and remember financial institutions may not come forward to lend you amounts basing on this property if you claim your rights through alt 3 suggested by my friend. Can you specify what are the litigations prevailing over the residential layout.
