Selling of property
Querist :
Anonymous
(Querist) 23 July 2011
This query is : Resolved
I have a flat in nasik and i m selling it to someone.I had made my mother as joint owner in the house.All the payments were done by me alone.I have 2 brothers and a siter, father is 65 years old.I want to know the procedure for selling this property.My mother has passed away on 3rd July 2011.Please let me know what would be the steps to sell the property. I have 2 loans going on for this property.Please guide as i already have a buyer for this house. Buyer also is dependent on loan for buying my house.THANKS in advance!!
AMIT SANKLECHA
(Expert) 26 July 2011
Hello
As you are the only sole survivor out the registered owner, you can sell the property alongwith the loan by makin a Tripartite Agreement & baking bank also one of the Signatories to the Agreement.
Hope this will help you. For any furthur queries do revert back.
--
Regards
Ameet Sanklecha
Voice: +91-9923143334 / +91-9421333343
e-mail : ameet.sanklecha@gmail.com
website :www.landlegal.in
R.Ramachandran
(Expert) 26 July 2011
Since the property is in the name of both you and your mother, you will not be able to sell the property all by yourself.
The share of your mother (who died without leaving any will) will go by way of inheritance equally amongst all her legal heirs. The legal heirs of your mother are: her husband (your father) and son(s) and daughter(s).
All i.e. you and the legal heirs have to sign the sale deed.
Querist :
Anonymous
(Querist) 27 July 2011
Hi Amit & Ramachamdran,
My agent says i have to get an NOC from the registrar at Nasik.NOC would state that the legal heirs are ready to leave their share in the property and authorize me to take over the property, this would cost around Rs 5000 at the registrar office .Also i have to announce regarding the deal with my buyer in some local newspaper.
Is the above method appropriate .
Could you please elaborate more clearly on the exact process.
Thanks!!
R.Ramachandran
(Expert) 27 July 2011
Your agent is not correct. Without Relinquishment Deed executed and registered by the other legal heirs in your favour, the sale cannot happen. Alternatively, in the Sale Deed every one has to sign - you will sign for your share, while the other legal heirs will sign for their respective shares. Then the sale will be through otherwise not.
On what basis the Registrar at Nasik will give the NOC? It cannot be on the basis of any oral statement made by the other legal heirs. That means they have to relinquish their shares by writing. That writing has no validity unless executed in a stamp paper and registered with the Registrar's office.
bhagwat patil
(Expert) 27 July 2011
follow R Ramchandran sir's advice,dont go for shorcuts registered relinquishdeed is required.
Querist :
Anonymous
(Querist) 28 July 2011
Dear Mr.Ramachandran,
Thanks for your valuable inputs.
What are the charges for the relinquishment deed?
What should be the amount of stamp paper?
Once the deed is done do we need to announce in a local newspapaer regarding the deal with my buyer.
Thanks again.
R.Ramachandran
(Expert) 28 July 2011
I think you have already spoken to your father, brothers and sister about this and that they are agreeable to execute the Relinquishment Deed in your favour.
The relinquishment deed is to be prepared for 4 persons 1 father, 2 brothers and 1 sister. At best it should cost around Rs. 2500.
Apart from that you have to obtain stamp duty. Stamp duty would be very nominal. Since it differs from State to State, it would be adviseable for you to ascertain the same from the Sub-registrar's office. There will also be registration charges. This also you have to ascertain from the Sub-registrar's office.
Once the Relinquishment Deeds are registered, you have to keep the originals with you. Take photo copies, get them attested by Notory in your area and based on the notorised photocopies of the Relinquishment Deed, approach the Revenue Authorities for mutation of the entire property in your name (by this your mother's name will get erased). Thereafter you will be shown as the absolute owner in the records and you will be able to sell the property, without the need for any further consent or signature of your father, brothers and sister.
THERE IS NO NEED AT ALL TO PUBLISH/ANNOUNCE ANYTHING IN ANY LOCAL NEWS PAPER. The sale is of your absolute property with a prospective buyer. Only you two are concerned and not the whole public. If need be, the buyer may like to announce in the news paper (to ensure that there are no claimant to the property and that if he buys from you he is not making any mistake) that he is proposing to purchase such and such property from such and such person and if any one else has any claim please come forward within .... days etc. etc. It is not your botheration. If I were the buyer, I will go ahead and buy the property on the basis of the Original documents which you have after obtaining Encumbrance Certificate from the sub-Registrar's office.
Please feel free to get in touch in case of any further doubts.
Querist :
Anonymous
(Querist) 28 July 2011
Dear Mr. Ramachandran,
Many thanks for the clarity !!
Will follow your advice and get back if need more on this.
Thanks once again.
