Relinquishment of rights
b.c.gupta
(Querist) 03 December 2013
This query is : Resolved
I purchased a house from unitech in 97 and got it registered in my name along with names of my son and his wife.Things have changed.I want to obtain regular pension from a bank for me and my wife against house.If I get relinquishment deeds signed from them (they are NRI now and very well off currently in india for a week zero support for us from them),will that be enough to mortgage house to bank or fresh registration in my name be required and fresh stamp duty to be again paid.Detailed advice requested. B C GUPTA 9891389715
Devajyoti Barman
(Expert) 03 December 2013
Yes, on release of their share you can mortgage the the property for loan.
But banks are hesitant to give loan to retired persons.
b.c.gupta
(Querist) 03 December 2013
I am talking of annuity for senior citizens by financial and insurance institutions.Kindly tell me whether i am required to get registered it in my single name after paying fresh stamp duty
Devajyoti Barman
(Expert) 03 December 2013
Yes for executing deed of release you have to ay stamp duty on the value of the share getting transferred in your name.
DILIP KUMAR AAGARWAL
(Expert) 06 December 2013
It is advisable to prepare a gift deed from your son and his wife in favor of your wife if there is no problem from bank and most probably you have to pay less stamp duty compare to relinquishment and then mortgage it.
b.c.gupta
(Querist) 06 December 2013
I would like to correct my mistake and to make sole ownership in my name.I have two daughters ,one son and wife(first wife expired second wife is too young but incapable of bearing children).I want to posses the right to make will how this property be enjoyed .shared and passed in succession.
Raj Kumar Makkad
(Expert) 06 December 2013
The procedure of gift is most accurate in your case.
b.c.gupta
(Querist) 06 December 2013
Can they gift their share to me.Will I become sole owner after that? How much money I will have to pay for getting gift deed registered( Ghaziabad)
Devajyoti Barman
(Expert) 06 December 2013
Yes, if they wish they can gift you.
For stamp duty go to Registrar office.
Anirudh
(Expert) 06 December 2013
Dear Mr. Gupta,
I have understood that you want to avail the Reverse Mortgage facility. That is possible only if the property is in your name.
Therefore, you are right. You have to get a REGISTERED RELINQUISHMENT DEED executed by your son and your daughter in law, relinquishing their right, title, interest and share in the property in your favour.
Only if the Relinquishment Deed is REGISTERED, then on that basis, you will have the entire property mutated in your single name.
Thereafter you can approach the bank for Reverse Mortgage. (Without mutation, the Bank may also agree to grant you Reverse Mortgage, by taking your Property Deed and also the Registered Relinquishment deed given by your son and your daughter in law).
In any case, since your son and daughter in law are here in India, better get a proper relinquishment deed prepared, and then visit the Registrar's office and get it executed and registered. It may involve nominal stamp duty.
b.c.gupta
(Querist) 06 December 2013
So grateful to you Anirudh sir.Col B C Gupta
In case they refuse to sign any kind of deed are any workable options available to me atleast for reverse mortgage
R.K Nanda
(Expert) 07 December 2013
no more to add.
Anirudh
(Expert) 11 December 2013
Sorry, I was away and was not on this Site and could not reply to earlier.
In case they refuse to sign any document, then there is no workable option at all, in the given facts and circumstances.
