Separation of co-owner
Mehul K Ghedia
(Querist) 18 February 2009
This query is : Resolved
Currently i and my father co-owning the house where we live. now my father volunatrily wants to forgo his right on the propety without any consideration so that i become the sole owner of the same.
Is it possible to remove my father name as co-owner.If yes what is the procedures and formality for the same.
Do we require to make a fresh agreement between us and do we require to pay stamp duty and registration charges on the same upfresh.
It is also to be mentioned that we have home loan on the same as co-owner so in that cass what we require to inform to the bank and what will be the liabilty of my father, in respect of outstanding loan amount, after separation.
Please guied me.
thanks a lot in advance.
sanjeev murthy desai
(Expert) 18 February 2009
Dear Mehul
Yes, your father can be execute a gift deed or release deed.
you have to take permission from the Bank, if the Bank is agree with that your father can be execute the same otherwise it is not possible.
sanjeev desai
M. PIRAVI PERUMAL
(Expert) 18 February 2009
Your father can execute gift deed in your favour bequeathing his share in the property. And you will become the absolute owner of the property.
R.S.Rajesh
(Expert) 19 February 2009
The loan continues and the bank's interest is not affected in any way and the gift/deed of relinquishment/deed of release can be executed with the consent/information of/to the bank, so as to abide by the terms & conditions of the term loan agreements executed jointly in favor of the bank.
