Monish Shah
07 January 2015 at 18:28
Dear Learned People,
There is a property in proper Mumbai (Maharashtra) which is in the name of my mother. I would like to transfer the property in my name with minimum possible stamp duty, hence the following two options I could think of.
1)Property transfer through will - A will can be made by my mother in which she can mention that the property will belong to me after her demise.
In this the property will get transferred to me after the demise of my mother and after the court order upon probate of the will. Hence, a long process and not sure when the property will get transferred in my name.
2)I become co-owner in the property and thereafter execute a release deed. - I can ask my mother to give me a small percentage of property (preferably by way of gift) , so that stamp duty is minimalistic. thereafter I can ask my mother to execute a release deed in my favor transferring the entire property in my name. The stamp duty on release deed is very less. I think this is a faster process with reasonable surety of time by when property can be transferred in my name.
I request your opinion on the 2nd way above as I am not sure whether it can work both legally and practically. Also, if any other way is possible I request yourself to kindly opine me on that as well.
Thanks and Regards.
Abhi
07 January 2015 at 14:39
I am buying a resale 1BHK flat (15 years old). I had paid 1% of the total value of the flat as part of token to the seller. Now during the course of submitting the loan application and collecting documents, Seller informed me that this flat(1BHK) is mortgage with the bank. He further explained me that he has 2 falts (1BHk-given on rent and 2BHK-currently residing). He said he had taken loan for his 3 enterprises keeping both the flats mortgage to a co-operative bank. In 1BHK flat, he is the only owner and 2BHK, he and his wife is a joint owner of the flat. The loan lended by the bank to him has his wife as guarantor. Now since I am interested to buy 1BHK flat, he said he will get NOC from bank as well as valuation certificate from bank for the 1BHK flat. He said this certificate can be produced to my bank (nationalised bank) to get home loan and get laon on 1 BHK flat paid off. He also showed me a letter from the bank that bank doesnt have any problem selling 1BHK flat.
Please advise me the following points
1. Can I still go with purchasing or stay away from this deal
2. How the bank will determine that how much loan need to be paid off to release original documents for 1BHK
3. Can I legally get any claim from the owners later on from his wife?
4. Once sellers bank releases all the original sale deeds and share certificates (original), can they make any trouble as far as 1BHK flat is concerned.
5. Will my nationalised bank (SBI) will make effort to investigate on this?
6. What is due diligence conducted by bank
Thanks in advance,
I am a first time buyer and very nervous about the deal.
vinodteja
07 January 2015 at 09:32
I'm from Andhra Pradesh.I have a b-form patta land.I want to get an educational loan on this piece of land to study in abroad.But,is there any process to get a loan on b.form patta.
aakash
07 January 2015 at 01:00
respected sir,
my father purchased a plot in kanpur in 1980 from mr. a and mr. a was financially unable to pay expenses of registry and taxes etc. so my father paid all expenses and registered the plot in the name of mr. a. and mr. a wrote a will in the name of my mother. now i have a 99 years lease in the name of mr. a and a registerd will in the name of my mother, and death certificate of mr. a. sir i want to know what are the procedure and expense of plot freehold and dakhil knarij.
Robinson Victor
06 January 2015 at 20:40
Hello Sir,
I have a farmland and i have negotiated sale for 28lakhs but now i see the quideline value comes to around 70lakhs for my plot alone. Plots around are half of it, is there a law I can claim that my plots guideline value is high and request to reduce it to the sold amount?
Robin
Chennai
advityashah
06 January 2015 at 09:49
looking at the property card how do i know if my property is freehold or leasehold in mumbai city?
sagar jadhav
06 January 2015 at 01:04
more details
http://www.lawyersclubindia.com/experts/Need-help-for-tenant-evication-suite-515101.asp#.VKrmtMki600
Now tenant not accpeting legal notice,how much I have shell out for evicating him and is there any merit going through whole process since giving notice was not fruitfull to me ,please suggest
Mageshwaran
05 January 2015 at 21:33
Dear Sir/Madam - Greetings for the day!
My father is no more with us after 2001. For his self-earned property (individual house @ Chennai Zone), we total my mother + 3 sons + 4 sisters are legal heirs (8).
I would like to buy shares of my siblings and register the house in my name. And also I would like to go for Bank Home Loan...
Kindly advise me on the legal procedures. Thanks!
Net
05 January 2015 at 19:17
Hello respected people,
I own a property jointly with my Ex Wife and now she wants to opt out her name from her share, so we agreed on a sum of settlement for her to release her share and give me her release deed, which is to be registered in the registrar's office. However this property is also on a joint loan . Please advise
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Validity of gift deed and gpa
My basic query is:
Property was originally registered in the name of my grandmother. GPA, Gift Deed, Possession in the name of my father. GPA has seal of Registrar. Gift Deed, Possession are only notarised.
So, my basic query is should the application for building plan (map) in MCD be filed in the name of my grandmother or father?
DESCRIPTION:
We have a built-up property of 100 sq yards in Delhi which was originally held by my grandmother. In 2013, my grandmother (and grandfather) executed a GPA, Gift Deed, Affidavit and Possession certificate in the name of my father. The same is also done for my two other uncles for different plots by my grandparents. However, there is one widowed aunt of mine who possesses and lives in a built-up plot which was purchased by my late uncle (chachaji) but my grandfather financially contributed in it. However, my uncle in his lifetime registered that plot in the name of my aunt. He also started construction but sooner he passed away. Later, my grandfather completed that house for my aunt and her children. Till that time they were living with us. However, my aunt was not keen on emptying our house even four years after construction of her own house by my grandfather. That clarified her true intentions that she wanted hold on both properties. My grandparents knew of these unjust intentions of hers and after my pursuance, she eventually vacated our house and started living in the house which my grandfather completed for her. Since, all my other uncles and grandparents knew of the sweat and money that my grandfather had spent in rehabilating my aunt therefore they believe to the core of their hearts that my aunt has no share whatsoever in our house and her intentions are nothing but greed and vile.
Now that our house has become very old therefore we want to reconstruct it. For it we approached a contractor who said that in spite of execution of GPA, Gift Deed, Possession and Affidavit, the application for passing of the plan map in MCD has to be filed in the name of my grandmother, not in the name of my father. We are worried whether it would be correct step or not because the Gift Deed has wordings which makes my father true and sole owner of our house and this is the truest intention of my grandparents. We are also concerned that my aunt may claim a stake in our house in future and make it a disputed property. My grandparents are fully with us and know well of the intention of my aunt. They have already settled her with her children long ago in house bigger and better built than ours therefore they affirm that she and her children should get no share in any of property given to my other uncles and us. Please suggest me a possible course of action so that our property remains solely and completely with us and no one could ever stake a claim in it. Also, is the contractor right by filing application of map in MCD in the name of my grandmother?