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Procedure for adding co-owner as my cousin to the property
10-May-2023 (In Property Law)
Sir, I own a property in Bangalore and it is registered under my name and I need to include my cousin(Father's sister's son) name as co-owner of the property. Since we are joint family. We are planning to construct house wholly for joint family. We are in mutual agreement for this. Please suggest the deed how it has to be registered. Plot size 30"40. After registration we approaching the bank for the loan purpose, this registration will help us to get more loan eligibility. Please suggest the deed how it has to be registered. As we are aware that stamp duty and reg charges will be applicable. But we need right guidance on how the deed has to be registered n
There are two methods to include name of your cousin in to your site property. But it is always safe to arrive at a consideration at the time of agreement itself and decide on its modalities. The drafting need to be carefully done.
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Adv. S.K Prabhakar Shetty
Bangalore | 500+ Answers
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Go for a joint ownership registration. Go to Sub registrar office at your place with the property documents and consult any advocate he will help you to get registration done as per your wish revoke the earlier sale deed of yours and enter into fresh one. Stamp duty has to be paid and fixed as per the value of the property and advocate will guide you.
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Adv. Rajesh K.S
Bangalore | 500+ Answers
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I suggest you to execute a gift Deed to your cousin without giving him a right to partition in the property so that both of you should enjoy the property jointly without having the option of severability.
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Adv. Jagadish N
Bangalore | 400+ Answers
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Sir,
You cant include his name in the aforsaid sale deed.
You can go for Joint Development Agreement or Memorandum of Understanding. By that both you can work together for development of the properties.
You cant include his name in the aforsaid sale deed.
You can go for Joint Development Agreement or Memorandum of Understanding. By that both you can work together for development of the properties.
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Adv. M Lakshmikanth Arya
Bangalore | 500+ Answers
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