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Procedure to replace one of the existing owners in a joint property
04-Dec-2023 (In Property Law)
Hi, Me and my wife are the joint owners of a flat. The loan on the flat is still going on and we are paying the EMI's. I wish to replace my wife with my mother as a co-owner of the flat. My wife is ready to transfer her rights to my mother. My mother is not earning and my salary is enough to pay the EMI's (incase the bank wants to access my eligibility to manage the EMI's alone) What is the procedure to replace an existing owner with the other one and how much time would that take Warm Regards
Make a memorandum of family settlement by virtue of which one member of a family can relinquisish it's right in favour of another family member and submit this docuent to the office of builder to change the record accordingly for final transfer of property by execution and registration of conveyance deed.
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Adv. SP Budhiraja
Faridabad | 25+ Answers
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