niharika 20 October 2015

Transfer of joint ownership.

Hello,

My mother is a joint owner of a property with my brother. Its not an ancestrol property. They got a home loan on that property and they both co-own the loan. For the past 1 year they have not made any monthly payments since my brother lost his job. Now i want to lessen my mother's worries and i want to take up her share of the property. Can she transfer her share of the property in my name and that way i will be dealing with the loan aspects instead of her worrying about that in her old age. Will she need my brother's consent to transfer her joint ownership to my name

She also has joint ownership of 2 flats with my brother. Can she also transfer that in my name and that way i will be joint owning the flats with my brother.

Thank you,
Niharika

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3 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 20 October 2015

Your mother may transfer her share in the property to you by deed of sale. if she executes gift to you, then you have to pay the loan without touching the gift deed.

niharika 21 October 2015

Thank you!

Will she need my brother's consent to transfer her share. She joint owns with him 2 other flats that she wants to transfer in my name.

Can she do a gift deed?

Jatin Mittal (Corporate Lawyer) 21 October 2015

Hi Niharika

Your mother will not require the consent of your brother for selling/transferring the property to you. But she will require a consent from the bank, in case the property is charged to the bank against the loan. Please note that either you purchase the porperty or get it as gift from your mother, the same will be subject to the stam duty. Let me know that in which state the property is situated because if its Haryana, Punjab or Maharashtra, the gift deed will not be liable to stamp duty and you can easily make a gift. For any clarification, feel free to write to me at mittaljets@gmail.com. No charges for the consultation.