We have purchased a residential property which was transferred to the current owner (Mr. A) by his Elder Brother (Mr B) through a Gift Deed executed in the Year 2004. The Stamp Duty for the same was paid, however, the Gift Deed was NOT Registered. The Society has updated the Share Certificate in the name of Mr. A in 2004 itself. Mr A and his family are residing in the said property since 2004 and all the Utility Bills are in their name. We have paid the Stamp Duty for the said property and have duly registered it. We came to know about the fact of Unregistered Gift Deed when we submitted the papers to the Bank for Loan processing.
Mr A are our neighbors and we assume that they would not try to cheat us, however, we want to be sure to complete all Legal Paper works so that we do not face any problems in the future. Mr. A's Elder brother Mr B has died a couple of years ago and is survived by his Wife and Son. His wife had signed the Gift Deed as one of the witness. What are our Options.
Will making a "Confirmation Deed" duly signed by the Legal Heirs of Mr. B and Registering the same resolve our Issue? What would be the implication of the Deed in terms of cost? Will Mr. A have to pay the Stamp Duty again along with Registration Fees?