Augustine (PL) 07 January 2011

Buy from Father

I have identified a land in chennai and entered into aggrement(not registered) with the seller that I will apply for loan and settle the amount in 3 months and register the property. However, because of undue delay from the Bank, my Father paid the amount and got Power of Attorney over the property. Now he wants to register that property in my name.

1. Can he sell the property to me? Will Banks provide loan to me against that property so that we can pay the amount we borrowed from other sources?

2. What is the procedure to register the property in my name? Should I pay the stamp duty?

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4 Replies

Darshan Panchal (Advocate) 07 January 2011

executing a sale deed by ur father in ur favour will certainly invite stamp duty and registration charges as applicable in ur region without which it is invalid having no value in the eyes of law. get ur name entered as a co-owner in the revenue records and other records by getting a mutation made to that effect in records. Later on ur father may release his share from the property. though it toowill invite stamp as per law applicable there it will be only qua his 50% share i mean on 50% of his share as u will bbe entered as 50% co owner. explore this option as it will save you lot of unnecessary expenses and ur father's name from the property deleted and urs will be entered

niranjan (civil practice) 07 January 2011

Your father as POA can sell the property to you and if the title of the original owner is clear you can get loan from the bank also

Augustine (PL) 07 January 2011

Thanks for the advise. I checked with HDFC and they told me that Father cannot sell to son and they wont provide loan for such deals... I need to check which bank provides loan.