We have a plot of land and a 3 storied building on it. The land is in the name of myself, my younger brother, my younger sister and my mother( after my father's death). Now i want to get the ground floor in my name .( as agreed by all of us). Do i need to pay stamp duty and registration fee to do that. Kindly suggest.
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Can i put the same property as coleteral for a loan
You can enter into an amicable family partition or family arrangement or family settlement deed among yourselves by mentioning the agreed conditions therein and get the deed registered.
In that you can mention about that it was agreed by all that grounds floor of the property shall be allotted to you, which will solve the issue.
Do i need to pay stamp duty and registration fee
1. You can achieve your purposes by executing a Registered "Family Settlement Deed" (FSD) with strategic clauses signed mutually & jointly by all the parties to the property, permanently defining the portions of property and to whom which property shall vest permanently for all futuristic legal purposes.
2. The FSD should be WITHOUT any "monetary consideration" to circumvent full stamp duty & registration fees. Typically in Mumbai the Stamp Duty for FSD is 500/- & Registration Fees is 1000/-
3. Alternatively ALL the joint owners can execute a registered "Partition Deed" permanently defining the portions of property and to whom which property shall vest permanently for all futuristic legal purposes.
your mother and siblings have to relinquish their share in ground floor
2)relinquishment deed should be duly stamped and registered
after ground floor is mutated in your name you can take loan against said property
stamp duty and registration charges are payable
Oral partition is valid. If partition deed will execute than registration is must. Stamp duty payable. Without partition deed, loan may not sanction on ground floor but on full building for which all consent will require.
The applicable stamp duty and registration charges are to be paid if you want to register the document.
Your mother, brother and sister have to release their share or they can execute gift deed in your favour, it should be duly stamp and registered.
Once property registered on your name you can apply for loan.
Yes,you have to pay stamp duty and registration charges
Yes stamp duty and registration fee on settlement deed shall be applicable.
Yes you can put your share and mortgage same for loan.
Stamp duty on transfer is applicable.
you need to execute registered relinquishment deed or family settlement deed in your favour. yes stamp duty is needed along with registration for full ownership in uour name.
1. You have to execute a settlement deed with your family members in which they will give rights of ground floor to you.
2. Yes you have to pay stamp duty and registration charges for execution of family settlement deed.
A family arrangement can be done wherein the property may be divided amongst hou and other siblings and your mother. This deed xan be Registered and property divided and possession may be taken.
Unless all the shareholders agree to it you cannot get a loan on the property.
Yes you have to pay stamp duty.