Property transfer in case of divorce-- gift/release deed
Jam
(Querist) 09 February 2013
This query is : Resolved
Dear members,
I have already filed for mutual consent divorce. Divorce is due for next month.
Now, I want to do a gift deed my share of property to my wife, property is a joint property on both of our names.
What is right option to do here, GIFT deed or RELEASE deed?
Second Query:
My wife is going to take loan against this property apart from existing loan. If I am going to gift this property to her then Would I still be responsible for loan on that property? Do I need to do some legal processing in order to clear my name out of this loan?
I would appreciate if you can revert with detailed answer.
Setu Niket
(Expert) 09 February 2013
1)Release/Relinquishment Deed.
2)If the loan is availed after execution/registration of release/relinquishment deed you will not be liable, you dont need to do anything except registration of the release/relinquishment deed.
Nadeem Qureshi
(Expert) 09 February 2013
Dear Jam
if the loan is against whole property then this property is mortgage and the bank has the right to interfare in this property, so first of all consult with bank official/bank legal dept. after that execute a release deed.
Feel Free to call
