Relinquishment deed ..Please suggest ?
Sanjay Mitra
(Querist) 11 March 2010
This query is : Resolved
My mother has passed away in 1995 without leaving a will for a land property measuring 4 Cottahs approx. in Kolkata.My father, younger brother & younger sister & myself are the heirs of the property.The land property has a valuation of approx 15.00 lakhs.
My father & sister have agreed to release their natural share of the property without any monetory consideration in favour of my brother & me.
Can we execute a relinquishment deed to register our names with the registrar and get mutation in our names to approach bank for home loan in individual names ?
Is prior mutation necessary to execute the relinqishment deed ?
Is there any possibility of the registration of the relinquishment deed getting refused by the registrar.
We are not financially ready to bear the otherwise payable stamp duty through other avaialble options.
Subsequently can I incorporate my wife as a co owner of my share to become the principal borrower for the bank ?
I solicit specific advices on my above querries please.
Regards.
Sanjay Mitra
Raj Kumar Makkad
(Expert) 11 March 2010
First of all the mutation of inheritance of your mother shall be got entered by revenue officers in their record and a nominal cost say Rs. 100/- is its fee. Obtain certified copy of mutation thus entered along-with original Jamabandi (ownership record of land in the name of your mother) and then move for relinquishment deed before registrar who shall not refuse to enter it. Your wife cannot be made co-owner without execution of similar type of instrument like release-deed by you or your brother.
In my view, this is not necessary to get such excercise just for obtaining bank loan. Rlease in favour of you and your younger brother is sufficient and your wife can be co-borrower.
