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KUMAR K B (Employee)     16 August 2011

Change of registration

Hello i need a legal advice in the following context.

I am a recently married person. During the marriage time my father in law was agreed to give a flat of worth30 Lacs (which is currently registered on his name and he took home loan also on this property. This bank loan will get closed by 2014, Orignal documents he will get back only by 2014) as a marriage gift to his daughter.

1) Is it possible change the registraion from his name to either my wife's name or jointly my name & my wife's name right now i.e. before closing the bank loan?

2) If change of regsitration is not possible right now, If i want to take a written assurance from him what can i do right now i.e. asking him to give in writing the same on a100 stamp paper is sufficient.

3) After 2014 if he is ready to change the registraion doing as a gift deed is better or change of registration is better from my perspective. Or in other works what are the disadvantages for me by making gift deed.


 4 Replies

SUNIL KUMAR (MAN)     16 August 2011

Query No.1: Registration has to be done with the consent of the FI from where the loan is taken, which the FI won't normally allow. The Registration without the Banks consent is also possible. However, the Bank will have first charge over the property till their loan is liquidated.

Query No.2: The agreement is not valid in the eyes of law. From the query it seems that the flat is given as dowry which is illegal. Further, there should be consideration for any agreement to become valid which is not there in this case, except love and affection for which there cannot be any agreement in the normal course.

Query No.3: There are no apparent disadvantages. The property once gifted on acceptance becomes final. The Gift deed in 2014 is the normal legal solution.

Adv. Sanjay (Lawyer)     16 August 2011

First of all my sincere advise is giving dowry or accepting or demanding all are illegal and is a crime in INDIA.

Coming to the point first thing, when your Father-in-Law has taken it in his name he can with the consent of the concerned Bank can make a gift deed but that has to be with the consent of the Bank otherwise thats illegal. Second thing either you have to wait till 2014 for the gift deed or as he has purchased the said property it becomes self acquired property so even he can sell to anyone. So even you can with the consent of the Bank the said property can be registered in your or your wife's name by a sale-deed showing some consideration on the document and rest of the loan will be transeferred with the property i.e., then becoming the owner you can conitnue with the loan, for this no need to wait up to 2014.

Bharatkumar (ADVOCATE )     17 August 2011

Ans. (1) Without bank concent u can not Registration any deed.

Ans. (2) It's not possible as per law.

Ans. (3) No disadvantages if u registration a Gift Deed.

N RAMESH. (Advocate Chennai. Formerly Civil Judge. Mobile.09444261613)     18 August 2011

Sunil Kumar has given the apt answer.

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