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Vikas   12 April 2018

Property gift deed

I am buying a new property which is donated as gift deed to the owner. All the powers are given to the owner but it is not mentioned she can sell or transfer the property. Bank is denying to approve the home loan due to this reason. Please give suggestions and law of cancellation of gift deed.


 4 Replies

R.Ramachandran (Advocate)     12 April 2018

Please indicate whether the GIFT Deed in favour of the person (Donee) in whose favour it has been given, is registered by payment of Stamp Duty in the office of the Sub-Registrar.

Whether the Donee has in his/her possession, the original title deed of the property and also the Registered Gift Deed of the property.

Kumar Doab (FIN)     12 April 2018

It is otherwise clear from query that Bank has not raised any query on Gift deed registration...........and thus gift deed would be registered..

Gift of immovable property is to be registered.

 

Kumar Doab (FIN)     12 April 2018

The Gift of estate e.g; immovable property can be conditional ...............

If conditional the conditions are narrated in Gift deed itself.........

If there are NO conditions then IT is not conditional...

Read the gift deed carefully and understand the intent of gift by donor.

The gift is complete the moment the gift is  made by donor and accepted by donee...

Thus all though gift is complete the points raised by lender are to be clarified...

Show the gift deed verbatim to a very able senior LOCAL counsel of unshakable repute and integrity specializing in criminal matters and having successful track record ….. and worth his/her salt …with all record for a considered opinion…

 

If you wish you may attach here....

Before attaching erase all names/logo/addres etc to maintain the confidentiality...

Vikas   13 April 2018

Yes the gift deed is registered in the name of donee with registered stamp duty. But main issue is they have given all the powers. But the term selling of property is not mentioned in the deed

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