• Advice suitable deed

1) I am retired person aged 60 years having old house on 30' x 40' ( 1200 Sq.feet) site which is self acquired property 
2) I Want to transfer the property in favor of my elder son 50% share and 25% share to my wife and retaining remaining 25% myself for the purpose of constructing a new house by demolishing the existing constructed building.
 Can 3 people hold such shares on a 30' x 40' ( 1200 Sq.feet) site? i heard it is not possible for the site measuring 30' x 40'
3) Which Deed (Gift) is more suitable for the above share in the Schedule property.
4) some one told executing Gift Deed 50% in my son favor and 25% in my wife favor and to retain the remaining 25% myself. out of which my share of 25% will do not have clear title deed.it it true? 
5) what is clear title deed and what is the meaning.
6) is it necessary for my second son be one of the consenting witnesses to this deed. 
7) My elder son want to demolish existing building and reconstruct the building Can he raise home loan for construction as a co-owner
8) Along with My elder son and wife and myself, are we the co-owners of the property after construction?
9) my wife and myself both are having 25% share.Shall we jointly execute WILL deed after demise of both property should transfer to my Elder son without any legal problems 
10) shall we can mention in the will that after the death of my wife her share of 25% should transfer to myself and in case of my death my 25% share should transfer to my wife. After the death of both parents, the property should transfer to my Elder son.
11)With regards to previous question, My wife or myself after death 25% share will transfer to the other survivor with total 50% share (mine + wife's). Is there any possibility of transfer or sale 50% of parent property of the share to the third unknown party
Asked 7 years ago in Property Law
Religion: Hindu

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5 Answers

You can execute gift deed to transfer 50 per cent share in favour of son and 25 per cent in favour of wife

2) gift deed should be duly stamped and registered

3) all co owners would have clear and marketable title

4) your second son consent is not necessary

5) co owner can make application to bank for obtaining loan for carrying on construction on the property with your consent and that of your wife

6) bank would insist that you and your wife be co applicants for the loan

7)you , your wife and son would be co owners of the property

8) you can execute will bequeathing your 25 per cent share to your wife

9) will should mention that in case your wife predeceases you then your 25 per cent share will devolve on your son

10) similarly your wife can execute such a will

11) your son as co owner can sell his share to third party

Ajay Sethi
Advocate, Mumbai
96808 Answers
7811 Consultations

1. you can transfer this property as you wish there is only one restriction i.e to each sharer should take clear and accessible right over the property.

2. there should be clear division so as to enable the owner of that part to sell it further without any problem. if property cannot be divided in three parts then you cannot alienate it either by way of will or gift.

3. access and undisputed enjoyment is the inherent right of the owner so you should keep in mind that there should not be any room for dispute.

Shivendra Pratap Singh
Advocate, Lucknow
5127 Answers
78 Consultations

A property which cannot be divisible cannot be divided and transferred in bits to anyone even by registered gift deed until a particular portion which would facilitate the buyer to annex it to his property for the purpose of other conveniences.

If you want to transfer the property to your son to the extent you desire, you can do it by executing a registered settlement deed which would be more cost effective.

For demolition and reconstruction, you can have a joint venture with your son and wife and make arrangements accordingly so that everyone becomes owner of their respective share in the constructed building.

T Kalaiselvan
Advocate, Vellore
87007 Answers
2335 Consultations

both would be joint owners of property

2) both would have equal share in the property

Ajay Sethi
Advocate, Mumbai
96808 Answers
7811 Consultations

After executing a registered gift deed in favor of donees, the donees will become joint owners of the immovable property.

Therefore if you are holding marketable title to the property you can very well execute a registered gift deed or a cost effective deed 'registered settlement deed'

T Kalaiselvan
Advocate, Vellore
87007 Answers
2335 Consultations

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