Will or transfer of property
Mahesh Garg
(Querist) 03 July 2012
This query is : Resolved
A Person Mr.X (now 73 years old) has purchased a property 23 years ago via Power of Attorney and the lease deed with housing Board has been registered by power of Attorney holder i.e Mr. X
The seller of the property cannot be traced and now Mr. X wants to gain full title and ownership of the property either in his own name or in the name of the son whichever is most suitable.
Some have advised that to avoid huge expenses Mr.X should make a will in the name of his son to sort out the problem.
And some say that the will would not solve the purpose and Mr.X will have to transfer the property in the name of the son and get the registry done to gain the full ownership and get out of the problem of Power of Attorney
Value of Property as per Govt. would be 10 lacs
Please suggest best suitable way to be adopted in this issue..
A V Vishal
(Expert) 03 July 2012
To perfect the title you can gift it to your son or relinquish it favour of any of your next kith or kin, it is the only way out.
Rasik Dagli
(Expert) 04 July 2012
First of all , Mr.X has no title to the property. Lease Deed and POA will not confer ownership. He therefore can not give it by will or even by transferring the property.If he does, the transaction will be illegal and can be challenged.
RASIK DAGLI
Advocate.
Mahesh Garg
(Querist) 04 July 2012
There must be some way out to solve this issue.
some practical solution should exist for it.
Please help
Rasik Dagli
(Expert) 05 July 2012
Only way is to talk to Housing Board and if they agree, you should take a Sale Deed in your favour executed by Housing Board. Join the present owner (not a legal owner) as confirming party to the Sale Deed.
RASIK DAGLI
Advocate.
