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Joe Thomas (Principal)     02 March 2015

Getting ownership of property

Hello,

15 years ago I had fully paid for the purchase of a residential flat in Thane, Maharashtra. As I was living outside India at that time, the purchase was registered in my mother's name. My mother is the sole owner of this flat, so all of the paperwork related to the purchase and the records of the housing society bears my mother's name. Couple years ago, my mother had issued a letter to the housing society requesting that I be made the nominee for the fal and this is now on the housing society's records.

What is the quickest and cheapest way to have the ownership transferred to my name? Is it possible for me to be a joint owner with my mother? Please advise. Thank you very much!



Learning

 3 Replies


(Guest)

For quickest and cheapest way, your mother can gift you the flat. For making the flat as a joint property, you can make that through a settlement deed with your mother.

Joe Thomas (Principal)     02 March 2015

Thank you for your response. I understand that Gift deed attracts Stamp duty and registration fees. Would it be cheaper to have my mother make a Will per which she bequeaths the flat to me? I am also fine with getting ownership eventually. Thanks!

T. Kalaiselvan, Advocate (Advocate)     05 March 2015

The proposed Will shall come into force only after the departure of your mother for heavenly abode and not before that.   Therefore to avoid future litigation or problem of any kind, it is better to pay the requisite stamp duty and get the gift deed executed and registered in your favor and be rest assured about it afterwards.


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