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Indemity bond in the case of death of property holder and it's transfe
23-Jan-2023 (In Property Law)
Suppose X's father dies. X goes to the society asking to transfer the property title to his name claiming that he is the sole child. The society asks for an indemity bond. Later on a sibling from abroad also asks for the property as he is also the son of the deceased. So in this case, how would the indemity bond work exactly? And what would happen to the property and to X and his wife?
This is my response to you:
1. X cannot simply give an indemnity bond;
2. If he does then X becomes liable for committing fraud in the eyes of law;
3. X should obtain letters of administration from the court stating he is the caretaker of the property and therefore after father's death he is the sole owner;
4. X will need NOC or release deed from his brother;
5. Consult a local lawyer and take steps.
1. X cannot simply give an indemnity bond;
2. If he does then X becomes liable for committing fraud in the eyes of law;
3. X should obtain letters of administration from the court stating he is the caretaker of the property and therefore after father's death he is the sole owner;
4. X will need NOC or release deed from his brother;
5. Consult a local lawyer and take steps.
Helpful?
21+
21+
Adv. Gowaal Padavi
Mumbai | 500+ Answers
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If consent or release deed not taken by flat holder.Then other heirs of deceased have right in property of deceased.Indemnity bond suggest that anything happens in future shall be born by a person who gives indemnity bond to society.Therefore other heirs have legal right in deceased's property.
Helpful?
15+
15+
Adv. Sandeep Shamrao Pingale
Mumbai | 400+ Answers
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