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alfaalfa (vcbvcbvcbvc)     27 September 2010

Father as co-owner and co-borrower

Hello Legal experts,

I had purchased a flat in 2003 with my father as co-owner. I took a home-loan with him as co-borrower also.In both cases my name is first and his name is second.When booking and during flat handover I made all booking/maintenance/registration charges etc and all EMI payments so far till date(last 7 years and more than 50% is now paid already by me).The flat is currently in my possession for last 7 years.

I have a sister who is married.Is there any possibility that my sister can claim her share or my father can will my flat in her name.Can I ask my father to provide in writing to remove his name from the sale-deed or take a signed writing to that effect?

Please advise.. would highly appreciate..

Best Regards,

Alfa

 



Learning

 12 Replies

Adv Archana Deshmukh (Practicing Advocate)     27 September 2010

As your father is a co-owner, he can always make a will in respect of his share in the flat and give it to anyone of his choice. Your sister will also be added as his heir after him. You can ask him to execute a release deed in respect of his share in the flat and get it registered.

1 Like

alfaalfa (vcbvcbvcbvc)     27 September 2010

Thanks very much Ma'am..

Is the release deed like a gift deed..? in which case I can ask my father to transfer 50% of the property share to myself. I understand I need to pay accordingly the stamp duty on the gift or release deed. I also understand I still need to inform my bank(as they hold the original sale deed and I still need to close the loan) before going ahead with this..

Many Thanks again,

Alfa

Adv Archana Deshmukh (Practicing Advocate)     27 September 2010

 You have to seek Release all his rights and interest in the property from your father in your favour through Release Deed, so that you will become sole and absolute owner of the property. 

1 Like

alfaalfa (vcbvcbvcbvc)     29 September 2010

Thanks again Ma'am..

Had one doubt still.. does he need my sister's consent before signing the release deed? I understand that I need to get two witnesses signed too.

Best Regards,

 

 

Adv Archana Deshmukh (Practicing Advocate)     29 September 2010

He does not need to obtain your sister's consent for executing a release deed. It is his choice. Witnesses can be any other person also.

1 Like

alfaalfa (vcbvcbvcbvc)     29 September 2010

Thanks very much again.. How do I get a release deed done? Could I download the format from the internet or consult a lawyer in the city I live in and get it drafted and prepared?

Best Regards,

Alfa

Adv Archana Deshmukh (Practicing Advocate)     29 September 2010

From the internet you may get an idea about the release deed, but you consult a local lawyer with all the documents and he shall prepare the draft as it is necessary as per your case.

1 Like

alfaalfa (vcbvcbvcbvc)     01 October 2010

Thanks a lot again Ma'am.. had one final question(at the moment).. if my father goes ahead and makes a will naming the flat even after signing the release deed(just imagining a worst case scenario).. then will the release deed still hold good(as it will be at an earlier date)?

Vice versa, signing the release deed at a later date to making a will(the will made at an earlier date), will make the release deed override the will regarding the flat. Is that correct?

 

Best Regards,

Alfa

Bharatkumar (ADVOCATE )     01 October 2010

Archanaben all answer is right and u search in net www.vakilno1.com , www.agreementforms.org

Adv Archana Deshmukh (Practicing Advocate)     01 October 2010

@alfaalfa,

If your father executes a release deed and register it, then even if he makes a will thereafter in respect of that property, it'll be of no consequences, the release deed shall prevail. In either case as stated by you , the registered release deed executed by him during his lifetime shall hold good, so don't worry.

1 Like

alfaalfa (vcbvcbvcbvc)     01 October 2010

Thanks a bunch Ma'am! Have nice weekend..

Best Regards

alfa

alfaalfa (vcbvcbvcbvc)     01 October 2010

Sorry for the typo.. I meant "Have a nice weekend, Ma'am"..

Best Regards

alfa


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