Need procedure to transfer property (Flat)
Sushil Paradhe
(Querist) 22 October 2015
This query is : Resolved
I own a residential property (Flat) in Navi Mumbai, Maharasthra. My father is co-owner in that property whom we lost in year 2011. I have paid for everything and been paying all EMIs for that property. I have Mother and two younger brothers. Now I have applied for home loan transfer and that particular Bank wants me to be sole owner on paper. My mother and brothers do not claim anything for that Flat. Could you please guide me with procedure to put me as single owner for that property. Thanks in advance.
..... Sushil S Paradhe
R.K Nanda
(Expert) 23 October 2015
every querist is asking procedures on LCI.
leave the procedures to lawyers and even if lawyers tell procedures you cannot do it being complicated ones and they changes occasionally. take help of lawyers and do not enter in their profession.
R.K Nanda
(Expert) 23 October 2015
take help of local lawyer.
Sushil Paradhe
(Querist) 23 October 2015
Thank you very much Mr Nanda for the information. I only wished to know what all steps need to take like whether I need to include legal heirs on the share certificate if so how to do that? or should I directly go for transfer the property.
Of course, I am not going to this mayself without lawyers help.
Please guide. Thanks in advance.
MAMTA
(Expert) 23 October 2015
You have to execute the agreement to transfer the flat in in your single name for which you have pay stamp duty, registration fees etc.
Sushil Paradhe
(Querist) 23 October 2015
Thanks Ms. Mamata. By the way, what is approximate percentage of Stamp Duty and Registration fees for such agreement? Is it similar to regular one or different amount as it is only transfer in blood relations. Thanks in advance.
K.S.Srinivas
(Expert) 23 October 2015
You can find out the details from the Sub-registrar office of the concerned area.
MAMTA
(Expert) 24 October 2015
Stamp Duty will be 3% plus 1% registration fees on the agreement amount i.e. 3/4 amount of market value.
Rajendra K Goyal
(Expert) 29 October 2015
First get the registered family settlement deed executed by all legal heirs specifying the property to be transferred in name of one legal heir.
Get the name change with the society by fulfilling their formalities.
Approach the Bank to provide you loan / change the name in loan accounts.
