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Transfer of Property from joint ownership to single
08-Jul-2023 (In Property Law)
Property is owned jointly by me, mom and brother with joint home loan. brother and mom wants to transfer full ownership to me so that home loan can be completely transfered to me. How can this be done?
Hello,
Both of them can transfer their share in the property to your name as a mode of gift deed. A gift deed has to be made between mother and yourself wherein she will transfer her share for which a stamp duty has to be paid (it will be waived if you are in the mumbai city) due to the COVID government have waived off certain stamp duty charges. And one More gift deed between you and your brother there a stamp duty would be 3% would like to know more detail wherein I can help you with the solution.
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Adv. Chinnmay S. Shah
Mumbai | 100+ Answers
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If your mother wish to transfer property in your name then your mother and brother has to transfer it by executing registered gift deed or release deed after that only property will transfer legally in your name
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Adv. Vanita Yogesh Orpe
Mumbai | 50+ Answers
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This is my response to you:
1. Execute and register a release deed;
2. Firstly transfer the loan on to your name;
3. Then once it is done, then only you will become the sole owner;
4. Consult a local lawyer and take steps.
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Adv. Gowaal Padavi
Mumbai | 1000+ Answers
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