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How to convert joint ownership of house to sole ownership?
19-Aug-2023 (In Family Law)
In March 2016 i purchased a house worth 95L in joint name of me and mother as she contributed 26L in the said property. Due to some reason she needs the money back as she plans to shift out of the country. I will be paying back the 26L to her and would like to understand as to how do i convert this property completely in my name. She is ready to provide any document like will, gift dead etc so that the property can be only in my name. Kindly note that the property is purchased by me on load of close to 50L. Need your help in understanding a resolution so that there is no conflict in future on the said property after i have paid the money to her. Thanks
Joint property brought together can be in one sole under the provisio of RELINQUISHMENT /Release deed which entices about all kinds of rights/claims in your schedule Property for a considerable amount that you will be paying .Even Gift Deed is also fine
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Adv. Siddartha S Ramachandra
Bangalore | 25+ Answers
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Gift deed would be better before that she has to relinquish her right in the property and that deed has to be done and signed and then the half of the portion can be given to you through execution of Gift Deed. Consult any advocate.
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Adv. Rajesh K.S
Bangalore | 500+ Answers
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You can prepare a release deed from your mother releasing her share in the property and by doing it u wil become absolute owner of property pay amount outside and do not show money as u have to pay regiatration fees for 25 lKs
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Adv. Nagesh B L
Bangalore | 200+ Answers
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