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Govind (Owner & CEO)     12 November 2010

Release Deed or Sale

Dear experts, 

I own a piece of ancestral property but the patta (title) is held jointly by myself (I did a name transfer after my father's demise) and my two uncles (father's brothers).  This property was inherited by my father from his father and the partition was done via oral tradition.  Uncle number 1 (i.e., a fellow patta-holder) recently passed away and he is survived by two daughters.  Uncle number 2 is well and alive.  Both my uncle number 2 and my two cousins (i.e., daughters of Uncle number 1) are willing to do any documentation necessary to transfer title to my name so that I become the sole titleholder.

My question is, what is the best way (and most economical) for me to become the sole titleholder?  a) can they release themselves from the property by giving me a release deed?  If not, what are the other alternatives?  Sale, etc?  Thanks, Govind



Learning

 3 Replies


(Guest)

In Tamilnadu the stamp duty for sale is 8 percent and the gift deed is 1 percent  stamp duty.

If you want a clear title obtain a joint sale deed from the uncle (2) and two daughters. So that you can get a clear title.

Other wise execute a registered partition deed  and nominally allot some amount for the share of uncle and other daughters and keep the whole of the property for your share. But this is a critical process.

So you better get registerd release deed from all of them. 

RENISH RAO (ADVOCATE)     13 November 2010

I suggest to get the release deed duly registered in your name.

natarasan (DISTRICT REGISTRAR)     17 December 2010

release deed is econamical. maximum stampduty is rs.10000. only regn fee rs.2000.only natarasan


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