Partition deed


Hi, need urgent help on this issue:

"F" has gifted his self owned property to his children A, B & C in equal proportion and by the virtue of execution of gift deed, A, B & C have become owners of the property.  The revenue records also reflect their names in common.

Now, A, B & C are interested to construct three flats respectively in the above said property.  They approach bank for ascertaining loan.  However, the bankers insist that a partition deed be executed and registered by A, B & C with clearly defined shares against their respective names so that the bank can disburse the loan in three different names relying on the partition deed.

Is this a viable option to secure bank loan?  If so, what would be the cost involved for registring a partition deed in case the property is situated in Karnataka?

Regards

SV

 

 
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Advocate

If the said gift deeds by itself demarkated to each other's property,bank would not have insisted to execute a partition deed among A,B&C.You are free to comply bank's requirement in this scenario.

Thanking you,   

 
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