My aunt malti, has two sons pranay and nitesh. Pranay has a flat ,taken with loan from bank. Malti also had a flat which she has sold recently. Pranay has promised his mom, malti to transfer his flat in the name of nitesh,as first owner and malti as second owner so that pranay's wife cannot claim a share in the flat. The execution of this is decided to be done by clearing pranay's loan from bank with malti's proceeds from her flat sold. However, malti fears that her elder son pranay will betray her as soon as she clears his loan and will not give his sign( if his wife tells him to do so)for registering the flat in the name of malti and nitesh, as his wife has always done the same to pranay's family as seen from past events. Now the question is how to cover the risk of betrayal on the part of pranay.plz guide me as this is the lifetime hard earning of malti which is under risk. Plz guide if there is any alternative to this and paperwork to be done.
You can have any number of agreements for a single property, as what is sought to be sold is a percentage of share in the undivide title and interest in the property.
You have not mentioned the state in which the property is situated. I would like to add to the suggestion of Mr.Sheikh that the stamp duty on gift is to be checked in the state and whether transfer by a son to mother is also covered by the lower stamp duty within 'family'. consult a local lawyer for verifying your documents and come up with cost-effective solution.
with this addition, Mr.Sheikh's advice is most appropriate under the circumstances.