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Change of Property ownership
4 months ago
I purchased a flat worth 1.3 Cr in Mumbai in 2020, where I wanted to be the sole owner but however as per value sentiment of this being my first property purchase I had my parents name also included at the time of registration. However now the situation does not seem very good among us and I also have a younger sisters, and since I am only continuing to fund the property payments from my account (single) till date in 2023 I wish to take their names out of the property. What are my options?
A.Dear Client,
A Deed of Relinquishment is governed by the Transfer of Property Act, 1882. A registered Relinquishment Deed is a legal document that transfers the ownership of a property from one person to another. It is commonly used in cases where a co-owner or a legal heir wishes to transfer their share of the property to another co-owner or legal heir. A relinquishment deed may be assigned either for consideration or with no consideration. The act of giving up one’s rights and claims in a part of a property in favour of another is referred to as relinquishing rights that require free consent of the Co-owner/executor of the Deed. The “Deed of Relinquishment,” must be signed by all parties, witnessed by two witnesses, and registered, is another requirement for giving up ownership of immovable property in favour of a co-owner. If your parents agree to your proposal, you can go ahead with the execution of a Deed of Relinquishment which needs to be well-drafted by an experienced professional to avoid any future consequences. Reach out to an experienced property lawyer for guidance and steps.
A Deed of Relinquishment is governed by the Transfer of Property Act, 1882. A registered Relinquishment Deed is a legal document that transfers the ownership of a property from one person to another. It is commonly used in cases where a co-owner or a legal heir wishes to transfer their share of the property to another co-owner or legal heir. A relinquishment deed may be assigned either for consideration or with no consideration. The act of giving up one’s rights and claims in a part of a property in favour of another is referred to as relinquishing rights that require free consent of the Co-owner/executor of the Deed. The “Deed of Relinquishment,” must be signed by all parties, witnessed by two witnesses, and registered, is another requirement for giving up ownership of immovable property in favour of a co-owner. If your parents agree to your proposal, you can go ahead with the execution of a Deed of Relinquishment which needs to be well-drafted by an experienced professional to avoid any future consequences. Reach out to an experienced property lawyer for guidance and steps.
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A.Dear Client,
To remove your parents' names from the property, you would generally need their consent and go through a legal process. The exact procedure may depend on the local laws and regulations governing property transactions. It typically involves preparing a new deed (relinquishment deed or gift deed) reflecting the change in ownership and registering it with the appropriate authorities. If your parents agree to this, consult with a local property lawyer who can guide you through the specific steps and requirements in Mumbai. Additionally, it's crucial to consider the potential implications on taxes, stamp duty, and any financing agreements associated with the property. Legal advice will help ensure a smooth and legally compliant process for the desired change in ownership.
Thankyou
To remove your parents' names from the property, you would generally need their consent and go through a legal process. The exact procedure may depend on the local laws and regulations governing property transactions. It typically involves preparing a new deed (relinquishment deed or gift deed) reflecting the change in ownership and registering it with the appropriate authorities. If your parents agree to this, consult with a local property lawyer who can guide you through the specific steps and requirements in Mumbai. Additionally, it's crucial to consider the potential implications on taxes, stamp duty, and any financing agreements associated with the property. Legal advice will help ensure a smooth and legally compliant process for the desired change in ownership.
Thankyou
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