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guestneedhelp (home)     13 May 2013

Mortgage property

Dear Experts

My deceased father took loan from State cooperative society 30 years back.He paid certain amount for next 10years.After that he stopped payment.Now the Dalil is with them.

My Mother is the nominee.Now she wants to make a  registered will inorder to gift it to me asap.

Can she do it? 

Can mortgage property be willed & transfered to the heir?

If I inherit then I have to pay the dues?

Thanks in advance.



Learning

 6 Replies

Ajit Singh Cheema (practising Advocate)     14 May 2013

You will inherit the property along with or subject to the charge of the bank . There may not be any problem inTranferring the Property or making a registered will , but the reciepent shall recieve the prioperty subject to charge of the bank. It may be advisable to first get the debt cleared and after that the property may transfered /will without any charge on it.

1 Like

Manpreet Singh Sood (Managing Partner)     14 May 2013

Your mother can immediately make a will in your favor as she has  inherited the property and there is no bar on succession laws to operate.

But beware once the bank has charged the property the ownership u will inherit will be subject to bank charge meaning there by. U do not inherit prefect tile and clear title but subject to bank lien.

1 Like

guestneedhelp (home)     15 May 2013

 

My mother is the nominee of the mortgage property.My  deceased father took loan against it.
1. Do nominee means right of ownership?
2.Now we are 2 sister & 1 brother.My mother wants to make will and gift it to me the whole property.Is it possible?
3. or since we are 4  including mother do we all have share 25% each in the property?

Manpreet Singh Sood (Managing Partner)     15 May 2013

Hi, appointing nominee does make NOT ur mother owner of property.

 Plz answer for futher help, what is the nature of ownership property owned ur mother:

Has she inherited form ur father or other relative?

Or she acquired the prpoerty thropugh her own resources?

What is total area etc of property which has now to be willed.

2 sisters and u bother all major,  makes total 4 family memebers alive aftef father's death. Right.

 

Warm regrrds Manpreet Singh Sood Advocate Jalandhr

1 Like

guestneedhelp (home)     15 May 2013

 

Plz answer for futher help, what is the nature of ownership property owned ur mother:

Has she inherited form ur father or other relative?

Ans:-The  mortgage House is in my Father's name.She is the nominee

My father has got no WILL.

Or she acquired the prpoerty thropugh her own resources?

Ans:-No

What is total area etc of property which has now to be willed.

Ans:-Two stored building each 800 sq.ft  occupied area in a plot of 2 kotah 6 chatak (roughly 3000 sq.ft may be) @ 2500 -3000 per sq.ft

2 sisters and u bother all major,  makes total 4 family memebers alive aftef father's death. Right.

Ans :-Yes

 

Thanks in advance for giving your valuable time

Manpreet Singh Sood (Managing Partner)     15 May 2013

Ur mother has only 25% share in property and make will for that in your favour.

Rest 75% property share is now jointly owned by u brothers and siters after father's death.


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