TRANSFER OF PART OWNERSHIP

Querist : Anonymous (Querist) 04 March 2010 This query is : Resolved
My husband died last year . He purchased a flat in his own name and registration was not done before his death. I am told that In my husband's absence I have 1/4th share, the other shares being held ny my 2 minor daughters & my mother-in-law. Now my mother-in-law wants to give her share in favour of my 2 daughters under the condition that the flat cannot be sold until my younger daughter reaches 21 yeras of age. Now my queries are:
1. How should this tranfer be done?
2. once the transfer is done can I register the flat in my & my daughters' name?

Mr. Vardali: Thanks but I did not understand your answer fully. Can you be more specific?

Mr. Vishal: Thanks a lot.
How will my mother-in-law transfer her portion to my daughters' name -
1.on a non judicial stamp paper?
2.if yes, rS. 10, 20, 50- which stamp paper- how should I decide?
3. It should be signed by how many witnesses?
4.Should it then be registered?
5. Is anything more is needed?

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A V Vishal (Expert) 04 March 2010
She can relinquish her right by merely giving a NOC, further she can sign as one of the witness to the sale deed that will be executed by the builder. Mrs Anonymous, if there are no issues with the builder or in the family regarding the property then it can be registered in your name and your daughter's name.

Raj Kumar Makkad (Expert) 04 March 2010
As the flat is still not registered so why to get entangled in the long process means registration in the name of all 4 persons and then relinquishing of share by your mother in law in favour of your daughters?

It is very simple. Get the registered sale-deed either solely in your name or in the names of your and both your daughters in equal share.

It shall save your money as well as time.

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