Hi Experts,
My father-in-law had re-married after my mother-in-law expired 15 years ago.
After his retirement(recently), my Father-in-Law decided to give his house to my Husband. What is best way to have the title of the house transferred to him. The property is self acquired by my Father-in-Law on paper, even though it has dowry component which he received during his wedding 40 years ago.
1) Should we go for "gift deed" or "gift-settlement deed", what is the difference?
2) Can any of it be revoked at the donor's will?
3) Who should be witness to the deed, can relatives be witness or we should have only outsiders like friend as witness?
Giving some background: My father-in-law doesnt have any kids with his second wife, however she has kids from her first marriage. My husband is the only bilogical son for him. We dont want any issues from his wife or her kids in future. My father-in-law is planning to buy an another house(my husband is also contributing to it through cash, i.e. kind of settlement for allowing him to gift the house) to live and he will eventually give it to his second wife to live in after his demise along with his bank balance which would run into 20-30 lakhs. We are not looking for his second house, however we don't want any issues with the house he gifted us. We are not very confident of his wife's or her kid's intentions after his demise, so want to be extra care. Please suggest the best way for the transfer and who should be witness.
Thanks,
Menaka
