Sam (ASP) 19 August 2013

Joint property transfer process

Dear Esteemed Members and Lawyers

There is a joint property in the name of son and parents (father & mother) in Gurgaon. There is a bank loan on the property and hence the original papers are in bank's custody.

Now, the family wants to transfer 100 % ownership in son's name. Is it possible ?

1. Is Specific Will & GPA solve the purpose? Is it required to make 2 Will & 2 GPA's ? What are the expenses involved in executing the same.

2. Is GPA alone or Will alone solve the purpose.

3. What are repurcussions in case of dispute arises in the absence of both GPA & Will.

Please help...

Thanks

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3 Replies

Kolla Gangadhar (Practicing Advocate since 1986) 19 August 2013

Property is in the name of son, father, mother. Bank loan, now parents want to transfer property in the name of son by executing WILL. Will shall come into force after death of Testators. Parents are willing to execute WILL and G.P.A. it is well and good.