Hello Experts,
I have my house (I mean I bought it on loan) in Kolkata, India. The house is a build 2 floor and the complete property is land plus the built house which I bought from the seller in 2012 for 49L. I am paying the EMI of the home loan from my salary. The house is jointly registered in my name and my mother's. However the deed does not have a mention of stake (I mean % division) between me and my mother.
Now come my question: I got my mother's name in the deed because of the tantrum from my elder brother. All said and done, now I have an agreement from my mother that she is ready to make a legal statement stating that the complete property is mine. However the question is what are the legal options for us to do this without further tension in life and in cost effective manner.
I have some suggestions from friends, advisers that the options I have are:
1. Get a gift deed made from my mother to me. However the only legal adviser (my father friend) mentions that I could be expensive since the calculation of gift deed is based on the current cost of property.
2. Get a WILL signed from my mother that she all her stakes are mine. But I am not sure if this can be challenged later by brother as illegal.
3. Just get a simply deed make in which she states that the complete property belongs to me and she does not need any stake in it.
I hope some law expert can help me out and show me the correct direction. My father's friend is a lower office clerk of a lawyer. I felt from his way of talking that he is trying to extract money out of me.
Thanks in advance for any help and advice.
Regards,
Faizy.
