Need solution for below case Urgent basis:
Case details :
1. POA to be executed for property purchase in Bangalore.
2. How much stamp duty would apply in Karnataka if outside blood relative (Friend).?
3. This is for a Joint Ownership (Owners are Husband and Wife stayed outside India) of the property so in that case would 2 POAs would be required? and if yes will double stamp duty would apply?
A father executes and register a Settlement Deed, in respect of an Independent House owned by him eariler Purchased by him, out of his own earning, in favour of his Wife, Two Sons and One daughter. He registers the said Settlement Deed with 25% ownership for each and also hands over the possession of the Property.
Subsequently the Joint Patta is also obtained in the name of all the 4 settlees.
In the Settlement Deed he gave them the right of alienation mentioning it clearly in the Deed.
He also mention that he and his Wife, (One of the Settlees) retain their right to stay in the house.
The settlement Deed mentions that the Settlement made is irrevocable.
QUERY:
1. By virtue of the Settlement Deed and the right of alienation given, can all the Settlees jointly identify a Buyer for selling the property. Is their Title obtained through the Settlement makes them joint owners to exercise their right to alienate, i.e, Sell the Property.
2. Is mentioning of Right to Stay in the property by the Settlor along with his Wife, disrupts the right of alienation given to the Settlees.
3. Can the New Buyer ,who wants to purchase the Property, rely on the Settlement Deed and the Right of alienation clearly mentioned and given to the Settlees go ahead to purchase the property.
4. Is the New Sale Deed, if executed by all the 4 Settlees convey full title and ownership to the New buyer.
5 Is the right to Stay retained in the Settlement Deed vanish or liquifies once All the 4 owners i.e., Settlees decide to sell the Property and receive consideration,
Respected Lawyer and Experts,
Please arrange to post some FIR formats in Marathi language . Also suggest a book,on the subject in a simple language,
Thanks
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