Respected Sir/Madam, We have an ancestral property which is the name of my father and his brother. My father's brother his wife does not have any children and also they are aged and my father's brother is not well . Hence it was decided to take them bearing all their expenses monthly and also their medical expenses for which they agreed.However we asked to transfer the property rights in my father name for that they not willing to give. But they are ready to give GPA for taking loan however as per my knowledge stands for sometime and it can be revoked anytime and also GPA has to be renewed. Hence kindly suggest me way is there any provision we can put some clauses so that at end of the time the property should be given to us / any clause that can be included so if any case in near future if they try to sell they have pay back the all the amount we expensed on them with in multiple times
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1) irrevocable GPA can be executed in your father favour
2) in alternative conditional gift deed can be executed wherein they will enjoy property during their lifetime and you shall take care of them and on their demise property would devolve on your father
Since this is an ancestral property, if your uncle passes away before any partition is effected for this property, or without selling the same, it'll come to your father and there upon to you and other legal heirs of your father. That's because your uncle is having no issues.
You can't put any clause anywhere that restrains him from selling his portion of this ancestral property.
Hi, you can make a WILL in the favour of your father .. The WILL only comes into existence after the demise of person ..
Respected Sir, How long does irrevocable GPA can be executed.Does irrevocable GPA my name can be included with my father while taking irrevocable GPA. What happens if the irrevocable GPA if donor is who has given irrevocable GPA is no more. Kindly elaborate my query.
On demise of principal GPA ceases to have effect unless it is coupled with consideration
2) GPA can be executed in joint names of your father and yourself
as of that the story of irrevocable GPA becomes obsolete and further the GPA is valid only during the life time of executor.
in your case it is advisable that the brother pf your father will execute a conditional gift deed in favour of your father of any legal heirs of their choice who is ready to bear them.
your uncle can execute an will also having life interest of your aunt mentioning the condition of their maintenance in favour of whom who will take the responsibility to bear them.
Sir , you can make a will regarding the property concerned in your favour.
You can also make an irrevocable GPA in your favour regarding the said property.
You can also make an agreement regarding the condition that you will take care of them and in return they will transfer the property in your name or otherwise pay you in full with interest.
Hope my reply helps you.
Irrevocable GPA ends with the life of the person who has executed the same and you may include a clause to this extent in the GPA itself.
Regards
If you have an agreement to take care of them on payment for the services, then you may enter into an agreement with properly worded draft for the purpose which may include the terms and all those conditions which may be mutually agreed.
The house property document may be pledged with you by a registered mortgaged deed for the purpose of the loan or any amount advanced to them as a collateral security.
A will also cannot be relied upon since the danger of the the revocation of the same is also imminent.
The GPA deed will entitle you to sell or alienate the property but to a third person only and not to yourself.
You may get a settlement deed registered on your father's with conditions imposed in it stating that he shall take care of them till their lifetime and can avail the property after their lifetime.
How long does irrevocable GPA can be executed.Does irrevocable GPA my name can be included with my father while taking irrevocable GPA. What happens if the irrevocable GPA if donor is who has given irrevocable GPA is no more. Kindly elaborate my query.
Irrevocable POA is also revokable or liable to be cancelled on the death of the principal.