Joint property - selling one portion to existing co-owner


Dear Friends,

 

My self and my friend bought a flat in chennai with joint ownership of 50% each at the cost of 20 lakhs each in the year 2008. From on that day onwards I was residing in the flat and notional rental amount was given to my friend. I am planning to buy the rest of the portion also and my friend to sell the same to my name.

 

Pls suggest what steps need to be taken .

What's will be the legal portion need to be taken and is it possible to get the bank loan for the same.

 

Regards

 

Balaji.B

 
Reply   
 
Advocate

Getit partioned mutually with  a  partition  deed , or   get  release  deed executed  by your  friend 

 
Reply   
 


ADVOCATE

Partition Deed or Release Deed or Gift Deed registration in Registrar Office in your favour.

 
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Advocate

gift deed  would not  be  workable  since it is  without  consideration  and    the  release deed   and partition  deed may be   for  its  value

 
Reply   
 

Get the sale-deed or release deed done.

 
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