DEAR FRIENDS,
PLEASE HELP ME, WE HAVE 3 SHOPS IN JOINT NAME OF MY SELF, MY WIFE, MY BROTHER, MY BROTHER'S WIFE AND MY MOTHER. MY MOTHER DIED IN 2009, IN THE YEAR 2010 WE HAVE MADE A RELEASE DEED AND FAMILY ARRANGEMENT WITHIN ALL THE LEGAL HEIRS OF MY MOTHER WHICH WAS NOT REGESTERED BECAUSE OUR ADVISOR TOLD US THAT WE HAVE TO PAY THE STAMP DUTY ON THE DOCUMENT FOR THE REGISTRATION WHICH WILL BE CALCULATE ON THE CURRENT MARKET VALUE. SINCE THIS PROPERTIES WERE OWNED BY US ONLY WE DID NOT REGISTERED THE SAME. AND WE WANT TO BUY ANOTHER COMMERCIAL PROPERTY NEAR BY AND WANTED TO MORTGAGE THE SHOPS TO THE BANK AS A SECURITY BUT BANK LEGAL DEPARTMENT IS ASKING FOR THE DOCUMENT HAS TO BE REGISTER! WITHOUT THAT BANK WILL NOT DISBURSE THE LOAN AMOUNT. NOW MY QUESTION IS: IS IT NECESSARY TO REGISTER THIS RELEASE DEED OR FAMILY ARRANGEMENT? DO WE HAVE TO PAY THE STAMP DUTY AND REGISTRATION CHARGE. WHAT IS PROBATE? WHICH IS THE EASY WAY.
