Property transfer from mother to Son
9 months ago
I had recently applied for MHADA flat in Mumbai in the name of my retired mother. I had applied in the name of mother because I was not eligible for this govt housing scheme from income group perspective. The scheme was for Lower income group(LIG) people. My mother fits into this category.
We have won a house in lottery. If we decide to take up/purchase the house then it can only be done in the name of my mother. There is lock-in period of 5 years. After that the house can be transferred in my name.
But my mother doesn't have any money for purchasing this property. I will be helping her with all the money required for this house purchase. So, technically house will be in the name of my mother but totally purchased from my money. My mother will be transferring the house in my name after lock-in period is over.
I also have a younger brother. He has no objection with above arrangement as he is not paying for this house. However, we never know how one would behave after 5 years.
Thus, I want to understand what can be done legally in advance to facilitate this transfer of property in my name without any complications after 5 years? Can "Registered will" help? Or/and "Power of attorney" will be required?
Kindly advise the best legal solution for above mentioned issue.
*Please note that the government housing scheme is offering a house in Mumbai at very attractive price and thus I want to go ahead with this purchase despite having complications.
Both WILL and POA is revocable by the Testator and Executor at any point of time as long as the party is alive. A Will is effective after the death of the Testator, but POA is invalid on the death of the Executor. So the status and the feasibility of the assurance remain the same in both documents. Instead, you may opt for a family settlement deed protecting your interest and assurance which will be signed by all the family members as a token of acceptance, and get the document registered by the Sub-Registrar concerned to make the document valid and enforceable in the future. Reach out to an Advocate for further clarification and for steps to protect your interest as an investor.
You can ask your mother to execute a will in your favour. The Indian Succession Act,1925 (hereinafter, the ‘Act’) deals in entirety about Wills. Section 2(h) defines Will as” the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death.”
Any will is executed after the document is signed by the testator in presence of the witnesses, ideally two but the will is to be registered through registrar after paying required stamp duty to register the document.
A registered will is always more in approval than an unregistered Will though the latter is perfectly valid; the former is more effective in a contest before a Court of law.
The execution of a Will is to be done by the executor appointed for the purpose by the testator.
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