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Author Topic: Flat Agreement between Uncle and Nephew  (Read 442 times)

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Offline mit316

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Flat Agreement between Uncle and Nephew
« on: March 13, 2016, 05:31:35 AM »
Hello Experts,
There is a under constructed flat in Mumbai which is on the name of i.e. 1) 1st applicant : My uncle 2) 2nd applicant : my self. We will be receiving possession in April'2016. NOTE-The total flat cost has been bear by myself. The reason we kept uncle's name as first owner because the said flat he/we had won in one lucky draw system organized by one of the trust. However, my uncle was not at all interested to invest any fund in this and he advise me to buy the said flat by adding my name as 2nd co-applicant. Hence I have made the whole amount for the said flat. Now I am seeking advise from expert how and what steps legally I have to follow to avoid any future issues. Also which is a good time to prepare and execute the documents i.e. Before possession OR on the time when society will get formed.

Please provide your valuable suggestion so that in future I can sale/transfer this flat with my own will and wish. No involvement of my uncle in future. Also I would like to have my name only when society will get formed.

Offline adv.amarnath

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Re: Flat Agreement between Uncle and Nephew
« Reply #1 on: March 14, 2016, 11:12:58 AM »
You have two options

1) If the flat has not been registered, then you can register it in your name only and make a no objection certificate from your uncle before that.

2) If the flat has already been registered in both of you and your uncle name then you have to ask him to make a Gift Deed in your favour in respect of his half undivided share.

There is an alternative way to escape from paying huge stamp duty which I cannot tell you in an open forum rather you have to go consultation in details with me.
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

Offline rajgopal sripathi

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Re: Flat Agreement between Uncle and Nephew
« Reply #2 on: March 14, 2016, 11:43:54 PM »
Hi
Since your uncle won the allotment of house based on lucky draw, i am not sure whether he will be allowed to transfer the property to you before registration. If possible approach the trust whether based on your uncle's NOC you can register the property in your name.

if it is not possible, better to register the property with your uncle as 1st applicant and your name as 2nd applicant
 .
Soon after you register the property the very next day, you can get a registered gift deed executed by your uncle.  the problem in this is that you will need to pay stamp duty and registration charges twice, but atleast you get the property straight in to your name, that too before the formation of society etc, which will lead to new issues after society formation.

sorry my solution is a little bit costly, but it is the surest and safest way.
Rajgopal Sripathi
Mobile:9704772200
email:rajgopal@legalwin.in

Offline adv.amarnath

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Re: Flat Agreement between Uncle and Nephew
« Reply #3 on: March 17, 2016, 07:49:54 PM »
Rather to avoid costly procedure it is best to register the property in your name where your uncle will be confirming party as well as and in the deed it must be mention why he is confirming party. This will be cheaper and everything will be in one go.
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

 

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