Giving under construction property to my wife
Querist :
Anonymous
(Querist) 13 April 2010
This query is : Resolved
I booked a commercial property on my name. The property is under construction. Possession has not been given by the builder yet.
How can I give this property to my wife? Objective is to make my wife the owner of the property. I don't want to own it.
Gift deed?
Relinquishment deed?
Transfer?
Should this arrangement be done with the builder or at registrar or in court?
Builder is charging extra money per square foot for transfer.
Is relinquishment deed, which costs much less, applicable/possible in this case?
Querist :
Anonymous
(Querist) 13 April 2010
What's settlement deed exactly?
Is no other deed (gift, relinquishment, transfer, ...) possible in this case?
Should builder be invoved and/or informed?
R.R. KRISHNAA
(Expert) 13 April 2010
Gift deed is also possible. But settlement deed is the appropriate deed.
If you have only booked the flat and no sale deed is effected in your name till now, you can ask the builder/owner to execute the sale deed in the name of your wife directly. This would be easy.
But in case if sale deed has been executed in your name already, then you may choose either settlement deed or gift deed to give the property to your wife.
adv. rajeev ( rajoo )
(Expert) 13 April 2010
after regn., property in your name just you exeucte the rights relinquish deed in your wife's name. rights relinquish deed costs less.
Querist :
Anonymous
(Querist) 13 April 2010
90% of the payment for the above property has been paid. But possession has not been given by the builder yet.
Objective is to sell it before possession and, ideally, I want the proceeds to go to my wife (rather than me).
Can relinquishment deed be executed before possession?
Suryanarayana Tangirala
(Expert) 13 April 2010
I presume from the language u used ' I BOOKED A FLAT'it means the property is not yet registered.If the Property is not registered yet by the builder why dont u talk to him and get the sale deed done directly on u r wifes name rather than paying stamp duty and registration twice?(once for sale deed in ur name and again conveying it to u r wife)
A V Vishal
(Expert) 13 April 2010
Mr Suryanarayana has advised appropriately.
Guest
(Expert) 13 April 2010
Since you have already paid 90%, then the Sale of UDS land must have been over. Please tell us clearly whether the builder has already registered Sale Deed in your name or not yet. Don't make us presume simply by your incomplete query.
Querist :
Anonymous
(Querist) 14 April 2010
Its the same case as booking any property with a builder.
I booked the property by paying 10-20% as first installment.
Over the period of 2-3 years I have paid totally 90% of the amount.
Builder hasn't offered the possession yet because property is not yet ready (almost ready as the builder says).
What are the cost effective and best (may be they are 2 different) methods to change the ownership from me and my father (joint ownership) to my wife (single owner)?
Builder proposed/agreed to transfer the property (in his records) and it will cost me 1.5% of my booking price (or cost price).
Are other options possible/better/cheaper?
