Property transfer
SAI
(Querist) 21 April 2015
This query is : Resolved
We have a land on my mother's name in the city of Hyderabad of Telangana state. my parents have passed away. we are 5 brothers of them 2 of us are trying to take the property by offering the other 3 some money for which all of us have agreed. so i want to know the registration procedure for transferring the property to 2 of our names separately.Do we need to follow the full registration procedure as buying a new property
kavksatyanarayana
(Expert) 21 April 2015
your 3 (three)brothers can execute a relinquishment deed in favour of your self and your brother. if you want separately, your 5 brothers may execute a partition deed into 5 shares A share-0, B share-0, C share-0 and D share (your self)- and E share your brother - . The stamp duty payable is 1% on the value of the property or market value whichever is higher. take help of a local lawyer to guide you how to prepare the deed.
SAI
(Querist) 21 April 2015
Thank you very much for that but i have a doubt in that.
After taking the partition deed do i need to again apply for the registration or the documents which we acquire through partition deed itself are the registration certificates so that i can apply for a bank loan for construction purpose.
Advocate Ravinder
(Expert) 22 April 2015
You can take release deed or partition deed but should be registered. In both cases, the registration fee and stamp duty are same. Without registration you will not get any right.
T. Kalaiselvan, Advocate
(Expert) 30 April 2015
You can execute a partition deed into five schedules, two containing description of properties and three the amount transferred to others who relinquished their rights in lieu of money.
