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Advantages and disadvantages of transferring property in mother's name
15-Jul-2023 (In Property Law)
I own a house in joint name with my mother which I intend selling and buy a flat only in my mothers name as I want to buy an individual flat taking a home loan with a bank Hence I want to know since this house is in joint ownership (50:50), how can I transfer my share to my mother so as to ensure there is no property in my name, so I can qualify for bank What would be the pros and cons of doing so in the future?
If you are residing in Goa and if you have siblings (brother/ sisters) please note that on the demise of your mother the children would be entitled to your mothers share in the assets which stand in your mothers name. So if you and your mother are co-owners of the house then on her demise the other children would be entitled to her share in the co-owned property. Similarly if the flat is in her name exclusive name the other children would be entitled. Pls visit a bank to inquire abt the housing loan formalities applicable to persons already owning a flat or a house.
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Adv. Shane Dias Sapeco
Goa | 25+ Answers
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