How to remove co owner names from property
28-May-2023 (In Property Law)
A couple of years ago we purchased a flat. My brother (primary) had taken the loan and made all payments. The loan is completed now. It is in the name of my brother, me and mother. Now it is mutually decided that i should own the flat. I can live with any of the following two options 1) Name of my brother is removed OR his ownership is transfered to me OR 2) Name of my brother and mother is removed OR thier ownership is transferred to me How should i go about doing this while incurring minimalistic costs due to govt. agencies. As i am also a co owner, Is it possible for my brother or mother to issue an NOC and that would suffice? In case a gift deed has to be executed would the option 2 require two gift deeds to be executed? (Flat is in Ghatkopar, Mumbai and I am Jain by religion)
Your mother and brother can transfer their ownership (their 1/3 ,1/3) to u by two way firstly by waive (release) deed .secondly by gift .By way of gift is cheaper than waive. On 25/03 2015 govt. waive stamp duty on transfer of land or flat immovable property to kin or family members. I.e on rs 500/-stamp paper without paying stamp duty and registration fee. Mother gift her share to son require 1percent plus rs200 or500 on her share(1/3share) depending .including all taxes.Brother gift his share require 2 percent stamp duty plus 1 percent registration fee on his share. On tuesday 16 may2007 the maharashtra state cabinet minister approval the proposal to increase the stamp duty for gifting immovable property within family will be hike from rs200 to3 percent on the market value of the property . This rule mostly come into effect next month. So u have 1 day for saving money stamp duties are different it is better to execute 2 different gift deed. NOC the problem is your brother wife and children can claim their right in future.
What happens to a jointly owned property if one owner dies in India?
What is joint ownership/tenancy? Joint ownership or joint tenancy is when two or more people own a property jointly. By the right of survivorship, when one or more owners dies, their shares automatically pass to the joint owner/tenant who is still alive. 14-Sept-2022
How do I remove my wife's name from my property after divorce?
It is illegal for one co-owner to reduce the title of another joint owner. She must sign a release document in your favor, otherwise her share will remain intact. 2.
What does joint owner of property mean?
Jointly owned property includes any property that is held by two or more people. The two parties can be business partners, or any other combination of people with a common interest in owning property.
What is the joint property law in India?
The laws governing joint ownership of real estate are rooted in Section 44 of 1882s Transfer of Property Act. Joint owners enjoy reciprocal rights, unless they are restricted in their enjoyment of certain aspects of the common ownership of a property, such as possession, use, and so on. 02-Dec-2022
Sir, if there is no dispute between you and your family members then it is advisable to execute gift deed immedielty bcoz as per new amendment now gift deed will also have to pay stamp duty. So before that you better execute the same or else take a release deed from other co members.
You can remove the name from your deed and replace it with the beneficiaries. You can remove the co-owners name from your deed by signing a relinquishment or release deed. You will then be the sole owner of the house.
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