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Can a property Nominee sell of the property immediately after transfer


05-Jun-2023 (In Property Law)
I and my father are Hindu and nominated by my Mother who passed away in 2016 for a flat. My Brother and Sister have no objection to sale of the flat. We have recently asked cooperative society to transfer the property to our names. We have a buyer for the flat and wish to sell of the flat immediately of transfer to our names. Society is quoting section 29 rule of 1 year wait. Since this is transfer by inheritance and nomination does this apply. Can I sell off the flat without 1 year wait? Is rule different for transmission of property. We do have a will in my favour but it is in registered and probate will take time so we are not using that path. All siblings and my father are prepared to sign where required.
Answers (2)

Answer #1
508 votes
As all siblings are ready for signing then in this case u have to go for a document which should be registered that is "DEED OF RELEASE " under article 52 of Maharashtra Stamp Act.
After registration of this Agreement of RELEASE u can sale Ur flat within one year as this will not be treated as "transfer " it will be treated as "transmission ". Transmission of inherited ownership rights.

Answer #2
788 votes
Dear Querist, Society cannot object to the the transmission on the basis of time period but yes if they wish to delay your transfer, they can demand legal certification such as succession certificate, probate, letters of administration.

Regards,
Rakesh V. Misar

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