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Shreyas Joshi   30 April 2017

Property acquired through Will

Dear All, I need an expert opinion from the Property law experts. My mother, 2 brothers and I have became equal owners of the apartment in Ahmadabad by my father's will. Now we all have mutually decided that I will buy their ownership by giving them market price of the same property I.e. 25% to each, 75% together. But the banks do not offer me home loan. So we have decided first to transfer ownership on my name and then to apply for mortgage loan. But then also banks are confused whether they can mortgage such property or not. Now I am also confused that should I buy such property or will I have to face any issues regarding ownership of the property. Please assist me in this regards.


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 11 Replies

Kumar Doab (FIN)     30 April 2017

The Banks usually step back since their internal systems may not allow it as WILL might be challenged.

The bank may take call if WILL is duly probated.

 

Kumar Doab (FIN)     30 April 2017

Was this WILL registered?

Was it probated?

Was death certificate,legal heir certificate obtained.

Was this WILL acted upon and each legal heir sign NOC?

Try with other lenders.

 

laxmi kant joshi (instructor)     30 April 2017

First get the property transferred into your name by taking NOC from the legal heirs of that property , once you will be owner of that property then you can take loan against that property .

Shreyas Joshi   01 May 2017

Sir, Thank you for your valuable response. I again need your help. The will was not registered. It was simply written on plain paper by my father before he died in 2013. And accordingly ownership of said property is transferred on name of my mother, 2 brothers and mine equally, ie 25% each. All the records in municipal corporation and other authorities are updated with name of all. Now as per our internal decision I will buy this flat. and I will make some arrangements for raising funds to give others' share and obtain NOC from them. Now my question is if I buy this property, will I have to face any legal issues if any of the partner raise objection in future. I am asking this because many persons has advised me that even after doing all this exercise, ideally the property will get transferred to wife (ie my mother) and there after it will get transferred to all the legal heirs of my mother. If this is true then it is meaningless to do such exercise. Please assist me in this regards.

shrenik (lawyer)     01 May 2017

Just call me 9825099410 Will.clear all.issues U I am.from abad only

Kumar Doab (FIN)     01 May 2017

Originally posted by : Shreyas Joshi
Sir, Thank you for your valuable response. I again need your help.
The will was not registered. It was simply written on plain paper by my father before he died in 2013. And accordingly ownership of said property is transferred on name of my mother, 2 brothers and mine equally, ie 25% each. All the records in municipal corporation and other authorities are updated with name of all. Now as per our internal decision I will buy this flat. and I will make some arrangements for raising funds to give others' share and obtain NOC from them. Now my question is if I buy this property, will I have to face any legal issues if any of the partner raise objection in future. I am asking this because many persons has advised me that even after doing all this exercise, ideally the property will get transferred to wife (ie my mother) and there after it will get transferred to all the legal heirs of my mother. If this is true then it is meaningless to do such exercise. Please assist me in this regards.

 

It is believed that you are all Hindu.

The estate/property of deceased father is self acquired.

Confirm!

Kumar Doab (FIN)     01 May 2017

The ClassI Legal heirs of deceased Hindu male have 1st right i.e; Mother (if alive as on date of death), wife (if alive as on date of death), sons, daughters……………….

So wife alone does not have sole rights on her deceased husband’s property.

Until or unless all other ClassI legal heirs release/relinquish/gift/sell or dispose their share by a valid/registerd deed she can not be sole owner.

Kumar Doab (FIN)     01 May 2017

It is not mandatory to probate the WILL at Ahmedabad.

The O/o Authority under whose jurisdiction property falls has a set procedure for such matters: ‘Testate Succession’.

It must have collected from your family duly signed requisite docs e.g; forms with signature of all legal heirs, certified copy of WILL, legal heir certificate, death certificate, ID proofs/photo of all, NOC of legal heirs, advt in newspapers, might have written to all legal heirs for objections if any etc etc……………

 

Apparently the WILL has been acted upon without any cloud on it.

Obtain certified copies of all docs/forms /letters etc etc say under RTI and keep these safely.

 

These can help to defend your interest.

Kumar Doab (FIN)     01 May 2017

Since you are paying consideration to buy share of all other legal heirs, Instead of NOC prefer outright sale of their share.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     02 May 2017

Things will be simple and firm if it is an outright transaction with your mother and 2 brothers on one side and you on the other side. As the transaction will be between 2 parties, bank loans also may be available.

Kumar Doab (FIN)     02 May 2017

Obtain certified copies of all docs as suggested, for record and also to defend your interst in future.

Check with lenders from whom you want to avail loan.

 




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