Deepak (SE) 27 May 2013

Property law for 1973

Hello All Experts,

Hope you all are having a great day.

I would like to get an advise for the property which is owned by my father, we are a family and living togeather.

I want to reconstruct the house and house was alloted to us in 1973 in a co. op housing society which is a registered society.

for purpose of reconstrucion i want to go for home loan and bank is asking me to get property transferred on my name by sale deed, but sale deed will be too costly it will cost me a lot and it will take time as we are having share Certificate of property on my fathers name (as per society act properties puchased before 1981 will have Share certificate).

Now i want to now how can i transfer the property on m name without spending much money and time, can i go for release deed or Gift deed ? if i got for either what will be the expenditure and time required to complete the process ? as i need loan quickly because of some task.

Is share certificate issued by a society is legal document which can be considered as for issuing loan ? can i get my name added to share certificate to get loan ?

Any advise will be helpful, thanka lot in advance for any information.

Thanking you,

Deepak.

Reply Follow

2 Replies

Anish Thakur 7018812737 (advocate) 27 May 2013

Dear querist,

sale deed and gift deed is equally costly in concern of registration and stamp duty,i adviose you to go for settlement deed and ask other co sharers to reliquish their right in your favour

Deepak (SE) 27 May 2013

Hello Anish,

Thank you for your response, i really appreciate it.

Settlement deed, can you please give me much information on it and co sharers are not there, the property is solely owned by my father and share certificate contains only his name, sorry if i am mistaken some where as i am not from law background.

Thanks a lot,

Deepak