Dear Law Gurus,
I (Mr. X) have recently purchased a Flat, in Joint First Name with my Mother (Mrs. Y) from a known person Mr. A who informed me that the Property, that I am about to
purchase, is in the name of his wife only that is Mrs. B.
He provided me the Xerox of all the documents, but I must confess honestly, that I did not bothered myself to read the contents properly. I contacted a Registration
Assistance Bond Writer, who asked me to write the Seller and Buyers names and address on a piece of paper, which I did and gave it to him. Alongwith this I also gave
him the initial Property Agreement entered into between the Builder and supposedly between Mrs. B ONLY.
I paid the Full Stamp Duty and Registration Fees. The Registration was completed based on a SALE DEED AGREEMENT where my Mother and I (Mrs. Y and Mr. X) are shown as
BUYERS and Mrs. B (ONLY) as SELLER.
After Registration I approached one of the Nationalised Bank for Home Loan and as you all might know, they took couple of weeks and didnt reverted till date. The due date of making the payment to seller was approaching and hence I personally arranged the money by borrowing (may be you can say begging) from Friends and Relatives. I PAID the FULL and FINAL Payment and got the ORIGINAL set of Documents from Mr. A. On getting the document I felt that I must read the important contents of the document (too Late I know) and I was SHOCKED to see that the said property was JOINTLY owned by Mrs. B and Mr. A.
In light of above, requesting you all to please help me with your suggestions on:
1. What type of additional document I should get from BOTH Mr. A and Mrs. B to get FULL and CLEAR TITLE to the said property?
2. Is there a way of attaching an ANNEXURE to the Agreement by NOT paying the Exorbitant Stamp Duty and Registration Fees? I am ok to bear nominal fees if any.
3. Is there a way of modifying the Original SALE AGREEMENT by NOT paying the Exorbitant Stamp Duty and Registration Fees? I am ok to bear nominal fees if any.
4. The Nationalised Bank (probably still sleeping) will get the Title checked and I am sure, their Legal Advisors will come up with some advise on what to do next. But I am getting restless now. What if their legal advisors are also sleeping and without seeing the contents they agree for the Loan. The question is NOT just for satisfying Loan-giving-Bank's requirements. Its more of avoiding any challenges in selling the property by me (with my Mother) in the future.
Last point, not related to above case: If one of the Joint Property holders dies, whether the other (or remaining) holders can claim FULL and CLEAR right to SELL the property?
Thanks