Vinod Patil (Asst. Engineer) 22 May 2013

Release deed or gift deed or what else!

Dear Sir,

I had purchased a flat in 2006 in the joint name of me & my father(50-50%) in Navi Mumbai. But all payments of the loan & other charges are borne by me. Now my father want to give me the full onwership of that flat i.e. he want to give his 50% share also to me. hence herewith I want to know,

1. What should I do in which I will have minimum expenses to convert in my name

2. Some people suggested me Release deed instead of Gift deed

I am having one brother & one sister & now my father is retired from Central Govt.

Please give me suggestion.

Thanks!

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3 Replies

Adv Archana Deshmukh (Practicing Advocate) 22 May 2013

Ask your father to execute a release deed in your favour and get it registered.

Amit Mehta (A) 24 May 2013

Adv Archana,

I have similar case but we have 2 flats wherein I am first owner in 1st flat and the co-owners in the flat are my brother and my father.In 2nd flat, my brother is 1st owner and myself and my father are co-owners.

My father later expired intestate and with our family growing, we want to mutually transfer co-ownership rights to 1st owner in each case, without any consideration.

Sisters does not have any interest in the property and are ready to give NOC

We sought couple of legal advice but those are contradicting. One advice is to just have the release deed executed by co-owner respectively and get it registered.Another is to execute gift deed which would be more costly.

We want to establish which is more solid so that either of us does not face title issue at a later date in case sold by one/both independently and solely.

Thanks

Amit