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How to buy properry with father, mother 2 sons are owners but father has died
How to buy properry with father, mother 2 sons are owners but father has died
3 months ago
We have finalised property. And have some queries for the same
Seller's registerration deed with builder is attached herewith.
The property has 4 owners
Father, Mother, 2 Sons.
Father has died sometime back.
Original share certificate is yet to be issued to owners since society is recently registered.
Property also has a home loan with hdfc bank of 1.4cr
I want help in understanding how to go ahead with buying such resale property.
Awaiting your reply
Thanks?
A.Dear Client,
On the demise of one of the owners, the title of the property was affected and until and unless the title of the property is devolved upon the legal heirs following the law of inheritance, the property may be considered to have defective title and cannot qualify for transfer of its title to others. Moreover, there is a burden of bank loans on the property which also makes it ineligible for transfer of ownership. A secured or mortgaged asset cannot be a subject matter of any agreement of sale until and unless an NOC is obtained from the concerned lenders/Bank. So, having so many deficiencies and complexities involved in the matter, it is advisable to review your decision in consultation with expert professionals.
On the demise of one of the owners, the title of the property was affected and until and unless the title of the property is devolved upon the legal heirs following the law of inheritance, the property may be considered to have defective title and cannot qualify for transfer of its title to others. Moreover, there is a burden of bank loans on the property which also makes it ineligible for transfer of ownership. A secured or mortgaged asset cannot be a subject matter of any agreement of sale until and unless an NOC is obtained from the concerned lenders/Bank. So, having so many deficiencies and complexities involved in the matter, it is advisable to review your decision in consultation with expert professionals.
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A.Dear Client,
When dealing with a resale property that involves multiple owners, it's crucial to navigate the process carefully. Start by thoroughly reviewing the seller's registration deed with the builder to understand the terms and conditions of the property transfer. Given that one of the owners, the father, has passed away, you'll need to ensure that the legal heirs have the authority to sell the property.
Request documentation proving the legal heirs' entitlement, such as a succession certificate, probated will, or a legal heir certificate. Confirm the status of the share certificate issuance from the recently registered society, and inquire about any pending dues or obligations. Additionally, investigate the terms and conditions of the existing home loan with HDFC Bank.
Engage a legal professional specializing in real estate to verify the title deed, authenticate the legal heirship, and guide you through due diligence. Ensure that the property has a clear title and there are no encumbrances or legal disputes. Collaborate with the seller to resolve any outstanding issues before finalizing the purchase. Coordinating with HDFC Bank regarding the existing home loan and understanding the transfer process is also essential. A thorough legal and financial review will help you make an informed decision and proceed securely with the purchase of the resale property.
Thankyou
When dealing with a resale property that involves multiple owners, it's crucial to navigate the process carefully. Start by thoroughly reviewing the seller's registration deed with the builder to understand the terms and conditions of the property transfer. Given that one of the owners, the father, has passed away, you'll need to ensure that the legal heirs have the authority to sell the property.
Request documentation proving the legal heirs' entitlement, such as a succession certificate, probated will, or a legal heir certificate. Confirm the status of the share certificate issuance from the recently registered society, and inquire about any pending dues or obligations. Additionally, investigate the terms and conditions of the existing home loan with HDFC Bank.
Engage a legal professional specializing in real estate to verify the title deed, authenticate the legal heirship, and guide you through due diligence. Ensure that the property has a clear title and there are no encumbrances or legal disputes. Collaborate with the seller to resolve any outstanding issues before finalizing the purchase. Coordinating with HDFC Bank regarding the existing home loan and understanding the transfer process is also essential. A thorough legal and financial review will help you make an informed decision and proceed securely with the purchase of the resale property.
Thankyou
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