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Author Topic: transfer of joint owned property  (Read 213 times)

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Offline sami5385

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transfer of joint owned property
« on: October 20, 2016, 01:59:06 AM »

Hello Sir/Madam,

I have a property in Thane, Maharashtra. Jointly owned by my Father and me.
It has my Father's name as first owner and my name as co-owner.

I have home loan on this property from ICICI bank, all the original documents are in ICICI bank's custody.

My father wants to remove his name from property and transfer the ownership solely to me alone.
I have few questions regarding this.
- What will be the procedure to execute this agreement?
- How much I will have to spend to execute this?
- Is it possible to execute this when all earlier original documents are in bank's custody?
- What if I take MOU and POA signed from my father and register? Can this be alternate/substitute approach/option to the executing new agreement?

Please guide

- Sameer

Offline adv.amarnath

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Re: transfer of joint owned property
« Reply #1 on: October 24, 2016, 12:38:02 AM »
In spite of original deed is in the custody of financial institution/ bank as Mortgage and your father is willing to remove his name from the property in question, there is no provision in the law to withdraw his name from a deed of conveyance save and except he has to transfer his half share in your favour by way of registered Deed of Gift which is the best and cheapest way to fulfill his wish.

I do not know in which state you are from so it is not possible to tell me a tentative cost of same as it varies from state to state local laws.

For further consultation in details and drafting of deed of gift you can contact me.
Regards,

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

 

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