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Joint ownership of property how to remove name of one owner
27-Aug-2023 (In Property Law)
Me and wife are joint owner and joint applicants of the flat (taken home loan) ,Due to some problems so thinking to legally remove one of our name with money settlement(Either she can take the loan and can quit from the ownership or I can take the loan and she can quit from ownership) , Is it possible during the loan tenure or ? best would be sell the flat and share the money ?
Sir,
What is the significance in removing either one of the owners from the ownership?, is there any urgency in doing so? it need clarity pertaining to your query. One can relinquish their share to another by way of release deed/settlement deed/gift deed etc. The intention is important here, then we can arrive the method of releasing one owner from the ownership.
What is the significance in removing either one of the owners from the ownership?, is there any urgency in doing so? it need clarity pertaining to your query. One can relinquish their share to another by way of release deed/settlement deed/gift deed etc. The intention is important here, then we can arrive the method of releasing one owner from the ownership.
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Adv. B. Thirunavukkarasu
Chennai | 100+ Answers
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your wife can release her share to you by the way of release deed. or you sell and share. if your wife not allows to sell then she continues as co-owner you must face it as she demands. now-a-days it is common in our country.
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Adv. Satish Kumar
Chennai | 500+ Answers
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it depends on the bank. If the bank is ready to transfer the loan in the name of one particular person, that is to say, that person has the eligibility to pay off the loan, then it is possible. As regards whether to sell the flat, it depends on your decision.
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