Hi, I am in a small partnership(2 partners) firm with my mother's brother involved in apartment construction.... we equal share but he is serving as managing partner.... the firm has completed apartment construction and my uncle is selling flats to customers that were under company's share of flats.... now the flat registrations to customers are going on without my interference..... i am expected to get one flat for my share... How can I transfer flat legally to my name...?(partition deed,gift deed,sale deed,release,power of attorney.etc.,) I am on cash crisis ,when i approach bank for loan they should be able to provide mortgage loan.....
development agreement and power of attorney executed by landowner Would mention the number of flats to be builder share
2) there would be registered supplementary sharing agreement between the landlowner and builder company mentioning flats allotted to you and other partners in firm
Gift deed will be ideal in the above case
1. A sale deed can be ade if you are paying consideration or your share a transfer deed can be made and registered before SRO and stamp duty and registration as per value can be paid.
It is not clear who owns the land and the building.
if it is the firm which owns both then being a partner of the firm you can with the consent of another partner preferably mortgage your share of flat for the purpose of procuring the loan.
You can get it transferred by way of sale deed.
Dear Sir,
You may treat yourself also as a customer to the company/partnership form and then you may ask for the loan etc. and also you may get the property flat allotted on your name by way of sale deed. Alternatively, you may get the flat as a gift deed from partnership firm, but you may not get the loan from the bank.
You can perform release deed from your maternal uncle of his share in your name. As you are also joint owner of the all flats.
Flats are in firm name. You will have share in profit from sale of flats OR share in profit in the form of flat. Resolution will pass by partners about sharing of flats. Conveyance deed will execute.
1. Partnership Firm can transfer one Flat in your name as settlement via Commission accrued in the firm. This Allotment Deed should be duly registered. All other ways of transfer will attract full stamp duty and registration fees.
2. Allotment Deed in your favor for Flat, would be legally sufficient for all futuristic legal purposes such as Sale /Transfer /Gift /Donate /Mortgage /whatever....
Go for a release deed.
thanks you all for your suggestions..... But I am facing confusion after seeing these many different answers....(which deed to execute.) And for information we have partnership deed mentioned 50% share holding in the firm... out of 20 flats of construction firm development agreement shows share of 12 to builder and 8 to land owner.. after all expenditures and interests we found one flat for each.... So as per pandemic situation unable to sell flat, i wish to make money by means of bank loan... please suggest the best possible deed, bank panel advocate should not reject me in legal opinion of loan process...??
1. See if already there is partnership and joint development agreement then you may make a sharing agreement dividing total flats.
Flat numbers allocated to builder would be mentioned in supplementary share agreement
2) sharing agreement should be register
3) on basis of POA executed by landowner in favour of builder flat can be registered in your name
Dear Sir,
You are informed here that there are different approaches for solving the same issues by the different persons and hence you may have the differences in opinions. Considering all your inputs, you are suggested to have sale deed of the flat to have an easy loan process.
As already mentioned registered gift deed is ideal option
I think it should be release deed
partner cannot sell the property of the partnership firm without the consent of other partners. However, the partners can authorize a single partner to sell the property on behalf of the firm and for this purpose they can pass a resolution.
You can get the property transferred to your name by a registered conveyance deed executed by the company in your favor.
Then you become an absolute owner of the property.
You were advised to get a registered conveyance deed executed by the company in your favor so that you can have a clear and marketable title to the property by which you can apply for mortgage loan.
1. There can be a sale deed if a proper resolution is passed, but for sale there has to be consideration. Sale without consideration is void.
2. A conveyance deed can be executed in your favour if backed by a proper resolution.
Sale deed will execute between you and builder/land owner.
Is the partnership registered and further, in whose name, the land over which, the construction has been raised stands in the record of rights.
1. You can purchase flat from company through sales deed if you are paying consideration for purchasing the flat.
2. You can also ask company to transfer the flat on your name instead of profit from the project.
