Legal document related to family property

Querist : Anonymous (Querist) 12 July 2010 This query is : Resolved
Hi,

My grandmother purchased a property and she died intestate. She had 4 children i.e. 3 sons (A,B, C) and 1 daughter. The daughter gave up her share vide a relinquishment deed in favour of A, B and C. The property was mutated in the name of A, B and C. Thereafter a family settlement was entered into where A was entitled to 20% of the property (i.e. 1 floor) and B was entitled to the remaining 80% of the property (i.e. 4 floors) as C had relinquished his share in B's favour. This family settlement deed was registered with the authorities. The banks are refusing to give a home loan on the basis of the letter of mutation and family settlement deed citing that this does nto confer a clear title to A and B.

Please advise what other documentation can be entered into so that the title of both the parties is recognised and what will be the total expenditure.

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S. Bharath (Expert) 12 July 2010
Banks hesitate to lend in cases of joint ownership such as your case. As far as title is concerned, if all the documents that you have mentioned [relinquishment etc] are registered documents, there is no defect in the title. Just check whether you have mentioned UDS in the deeds.

Chanchal Nag Chowdhury (Expert) 13 July 2010
There is nothing Wrong with your documents. At the same time Banks cannot be forced to lend where it feels Security is inadequate.

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