babu 27 March 2016

Ownership transfer

Dear Legal advisors,

Kindly advise me on the following. I own a 3BHK flat registered in my name in a gated community in Hyderabad.

1. In case of unforeseen eventuality how does the flat ownership get transferred to my wife's name, I have two children unemployed and unmarried.

2. At a later date (say 4-5 years)if the flat needs to be sold by her what documents are needed and what should be the procedure.

Thanks

GR Babu

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3 Replies

G.L.N. Prasad (Retired employee.) 28 March 2016

Contact an advocate and execute a Registered will. This is simple and inexpensive If the house was purchased through loan, ask your bannker to link with your life assurance, so that your wife need not pay further installment and insured amount can be adjusted to loan without any hassels.

Jatin Mittal (Corporate Lawyer) 29 March 2016

If the flat is bought out of your self-earned income, then your wife and children are the legal heirs of your flat. In case of any unforeseen eventuality (god forbid) then they would be required to submit a death certificate and the property shall stand vested in their name. For any clarifications, please mail me at mittaljets@gmail.com

babu 29 March 2016

Thank you gentleman for your quick response, I could infer the action from your replies. The flat was puchased outright by my own earnings and retirement benefits no loan.

Thanks

GR Babu