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pritam (proprietor)     26 September 2014

Selling property inherited by will

We are brother and sister  and have a site property inherited by will by our father in bangalore, karnataka state.  we want to sell the property jointly.  the property is in bangalore and we are all the residents of bangalore.  what are the steps to be followed?



 17 Replies

basavaraj shiromani (Advocate)     26 September 2014

is there any problem in alienating the property ? you have a clear title. you can sell it. please contact your counsel or deed writer 

K.K.Ganguly (Advocate)     26 September 2014

1. First step will be to search for a buyer,

 

2. Once buyer is selected, he will ask for copies of deeds and documents to conduct search about the ownership of the property and about any encumbrances on it,

 

3. If he is satisfied about the ownership of the property, he would like to enter in to an agreement and get an agreement for sale executed by the seller and the buyer to ensure that he can arrange for Bank loan to buy the property,

 

4. After the Bank loan is arranged, the sale deed is to be executed and registered while collecting payment of the sale proceeds from the Bank,

 

5. If the party does not take Bank loan and pays from his own fund, the step about the agreement for sale can be skipped.

Anand Bali Adv. (Advocate Solicitor & Consultant)     27 September 2014

Dear Friend,

You all nothing have to do but, first get the land transferred in your joint name or other heirs should relinquish their share of the property to a single share holder and that  holder get it transferred in to his name and then sell it out and later divide the respected shares as gift to each other (Only can happen in blood relations) other wise a heavy registration fee it will attract and be amount to sale and not gift.

My brother Advocate is there in Bengaluru who deals with all property cases you can contact him on Phone 8867907494 name S. Anil Kumar, he will help you just you take my name to him, he will consider your case properly.

pritam (proprietor)     28 September 2014

1. does gifting each other means we need not go for partition deed?  

2. you have advised to divide the shares.  is it dividing the money itself or first we have to invest in different       things in respective names?

K.K.Ganguly (Advocate)     28 September 2014

1. You do not have to gift anybody's share to the other,

 

2. Just you shall have to sell the property jointly,

 

3. In the sale deed mention the payment of consideration to each owners seperately.

Anand Bali Adv. (Advocate Solicitor & Consultant)     29 September 2014

As above I have suggested you two different ways to sell of your property First Jointly and Second by single share holder after getting relinquishment deed from other's in his favour, where there is a difficulty for others to join and be present on the sale registration day. I think now it is clear to you.

pritam (proprietor)     29 September 2014

is joint ownership by brother and sister good?  what are its merits and demerits?

K.K.Ganguly (Advocate)     29 September 2014

1. There is no question of being good or bad. 

 

2. The fact is that the property has joint ownership,

 

3. Both the owners should execute and register a Sale Deed jointly. 

pritam (proprietor)     30 September 2014

 1.  Does mentioning the payment of consideration to each owner separately makes each of us independent        full owner of the sum?

2.  please give us the sale deed specimen with payment considerations  mentioned separately.  

   

 Thanks for the valuable suggestions.

K.K.Ganguly (Advocate)     30 September 2014

1. The consideration paid to each will be mentioned in the registered Sale Deed,

 

2. So, naturally the said consideration will be treated as rightful earning by each owners,

 

3. Engage a lawyer to draft such Sale Deed. It is very common and you might get in in Indiakanoon.com 

T. Kalaiselvan, Advocate (Advocate)     02 October 2014

There is no issues to worry so much about this small issue. Since your father has bequeathed the property to all his children and  the entire property devolves jointly on all you, it is better that all of you jointly execute a registered sale deed in favor of the prospective buyer and you can either mention each individual's share in the deed (amount) or if you don't want it to be mentioned, it may be a common mention.  First  of all catch hold of a buyer, he may be having his own terms as well.

pritam (proprietor)     11 October 2014

  1. Please tell me how to divide the amount mentioned in common after receiving it.  which deed or agreement required which is legally sanctioned and proper?
  2. what might be buyer's terms? would  he  have his terms with regard to the way he will pay the consideration of sale ? 

K.K.Ganguly (Advocate)     11 October 2014

1. Since both have equal share in the property, the buyer should pay tye consideration in 2 nos. DDs  duly mentioning the amounts paid to each co-owner in the sale deed itself,

 

2. The buyer shall have to place his terms of payment & you shall have to accept the said terms for completing the deal. He may place his own terms which you may refuse to accept. It is between you and the buyer.

Anand Bali Adv. (Advocate Solicitor & Consultant)     12 October 2014

Dear Pritam Ji,

In case all the joint owners jointly sell the property to purchaser their separate names with respective amount should come in the sale deed and by that thy will become the undisputed absolute owner of the consideration money in lieu of their respective share property sold.

The sale dee specimen can not be given here as it is a professional property of the Advocate. Here it is very important to note that the drafting of any deed is always different from each other as the facts and circumstances very from case to case and subject to subject. Copy-Paste system always is left with some defects in the document for which a person has to suffer in long run. It is always advisable to take help in Legal matters by experts of this field and area on cost and not free. So get the document prepared exclusively for your property transaction only.


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