My father expired 1 month ago, we are 4 siblings and my mother. there is a loan of 7 lacs on the said property. i am willing to pay all the loan. i want to know, can i transfer the property ONLY on my name as i will repay the loan. also, is there any stamp duty i need to pay for the transfer of property.
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1) obtain letters of administration from court as your father died intestate
2) your mother and siblings can execute consent affidavit relinquishing interest in said property
3)iit takes around 6 months
4) you have to pay court fees for obtaining LA
5) after you obtain LA apply to society for transfer of flat in your name
it is a row house, hence no need of society transfer. please can i know about stamp duty to be paid.
court fees for letter of administration would be Rs 75000 . legal fees vary
2) no stamp duty is payable
3) after obtaining LA apply to PMC for mutation of house in mother name
4) enclose father death certificate , LA received from court
Dear Concerned,
Yes the property can be transferred on your name only SUBJECT to that all the balance 3 siblings and your mother gives you a Relinquishment Deed. In absence of Relinquishment Deed the property will be transferred to all the legal Heirs.
Relinquishment Deed only registration charges will be paid , there will be no stamp duty that need to be paid as you are inheriting it from your father and hence the property comes on your name.
Best of Luck .
1. no stamp duty is applicable in MH if property is transferred among blood relation.
2. you have to pay a fix fee for that purpose.
3. state of maharashtra vs rakesh ganpat sinde 2008 AIR BOM.
The discharge of entire loan amount by you shall not entitle you the title to the property, you cannot become an absolute owner of the property just because you have discharged the entire loan amount.
The property devolves on all the legal heirs equally, hence you may enter into an agreement with all concerned about this and make a family arrangement to this effect and get it registered.
it is a row house, hence no need of society transfer. please can i know about stamp duty to be paid.
The stamp duty shall be paid on the event happening.
First of all obtain a registered release deed from all the legal heirs in your favor and then get the property mutated on your name.