Dear Lawyers,
My mother-in-law has a property in bangalore co-owned by her sister. It is writen as a gift deed to her and her sister from their father.
Currently we are planning to demolish the house and redevelop it into a 3 storey house. with seperate access into each level. And the middle level has 2 seperate units.
The reconstructed property will have the bottom floor and one unit in the middle floor is in her sisters name.
We are funding the complete cost incurred to our mother-in-law for the property. The verbal arrangement is that, her portion will be written in her and my husbands name. 50-50 and her share will be given to him completely after her time. So half of second floor and 3rd floor will be in both my mother-in-laws and husbands name.
The lawyer says that we cannot add my husbands name in the deed at this stage as it will have to be written as 1/3 in each of the three persons name.
They are preparing an amalgamation deed in the name of my mother-in-law and her sister as per the lawyers suggestion. We have been told that this is the first step required in the construction process for approval of plan. Once the construction is over, he will then prepare a sale deed which will then include my husbands name. We are told that the sale deed is required to sell a property in the future.
My mother-in-law has said that she will write a memorandum of understanding that the property will be 50-50 upon the completion of construction.
What I would like to know is
1.What is the simplest way to include my husbands name in the property?
2. What do we need to do so that everyones position is safe?
3.Will we incur double the cost if we follow the lawyers suggestion? In stamp duty or registration costs etc?
Thanks in advance
Anjana
