Title in the name of partners
Bilal Chauhan
(Querist) 22 January 2019
This query is : Resolved
Dear Experts,
One of my client have formed a partnership firm for development of a property. They have acquired a plot of land for development and the consideration of the same was paid from the partnership firm. But in the conveyance deed, the name of the partners is mentioned as "Purchasers" instead of the firm. Due to which the title of the property is now passed to the partners in their individual capacity and not the firm. How can this be rectified? The original seller of the land is refusing to execute a rectification deed. And executing a new conveyance deed from partners to the firm will attract stamp duty. Kindly advice the best possible solution.
Thanks & Regards
kavksatyanarayana
(Expert) 22 January 2019
Even the original seller agrees to execute a rectification deed, then also the document of rectification attracts stamp duty and fees as conveyance of sale. so better to execute an amendment to Partnership deed and in the amendment deed, the share of capital shall be shown as Immovable Property instead of cash. or the all the partners shall execute sale deed in favour of Firm.
Dr J C Vashista
(Expert) 25 January 2019
How it possible that the sale deed has been registered in the name of "purchaser" ? Unbelievable
Show the sale deed to a local prudent lawyer for better appreciation of facts, guidance and proceeding.
If you are located in Delhi and may feel, may contact me (on appointment) at :
Ch. No 647, 6th floor, Lawyer's Chamber Block, Dwarka Courts Complex, Sector 10, Dwarka, New Delhi-110075 Cell # 9891152939 email: majjagdish@yahoo.com
