Property law registration Co owner

837 votes

either sale deed or gift deed in favour of third owner. registered at sub registrar office. stamp duty depends from state to state. in haryana 5 to 7 percent. depends on state govt. punjab 7, delhi 6.

Advocate Neha Gupta LawRato

590 votes

To add three additional co-owners to a property that already has two owners, you will need to follow these steps: 1. Draft a Transfer or Gift Deed: If the existing owners are willing to transfer partial ownership to the new co-owners, they can execute a transfer deed or a gift deed. The type of deed will depend on whether any consideration (money) is involved in the transfer. 2. Registration of Deed: The deed must be registered at the local Sub-Registrar’s office, as per the requirements of the Indian Registration Act. All parties (existing owners and new co-owners) must be present or represented by a Power of Attorney at the time of registration. 3. Payment of Stamp Duty and Registration Fees: Stamp duty rates vary from state to state. Generally, the stamp duty for adding co-owners depends on the value of the share being transferred. In most cases, the stamp duty could range from 1% to 8% of the property’s market value or the share transferred. You should check with the local Sub-Registrar's office or a legal expert in your area for the exact rate applicable. 4. Execution and Submission: Once the stamp duty is paid, submit the documents for registration. After registration, the names of the new co-owners will be added to the property records. 5. Updating Land Records: After registration, you may also need to update the land records with the local municipal body or revenue department to reflect the new ownership structure. It's advisable to consult with a property lawyer or a legal expert in your state to ensure compliance with all local regulations and determine the exact stamp duty applicable based on the property value. Adv. Mahinder Singh Mavi

Advocate Mahinder Singh LawRato