• Taking out my name from the property title

Hi,

My wife and I currently co-own a property in a hi-rise development in Mumbai. The property is under construction (it is severely delayed) and till date, we have paid around Rs. 48 lakhs as the initial deposit. A loan for the balance amount is also pre-approved but has not been disbursed as the property registration is still not done (in absence of commencement certificate).

My wife and I are currently undergoing legal separation (we plan to file for divorce by mutual consent soon enough). She has proposed to pay me 50% of what we have paid so far i.e. around Rs. 24 lakhs and in turn, I will take my name out of the property ownership. Currently, only the allottment letter has been received by us.

What will be the best and most cost-effective way to get this done? We are both NRIs and will be unable to visit Mumbai several times.
Asked 8 days ago in Property Law
Religion: Hindu

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19 Answers

1) approach builder to execute registered sale deed in your wife name 

 

2) builder would require you to execute affidavit that sale deed should be executed in wife name only 

 

3) further bank consent is necessary as you are co applicant for bank loan 

Ajay Sethi
Advocate, Mumbai
75799 Answers
4532 Consultations

5.0 on 5.0

The property has been allotted to you by the developer. There is no registration. You can sign an agreement with the wife and transfer her all the ownership rights and submit it to the builder. The builder will delete your name and she will be the only owner of the property.

 

Rahul Mishra
Advocate, Lucknow
8970 Answers
15 Consultations

5.0 on 5.0

1. Since the sale agreement or the sale deed is registered yet, this process can be completed with zero cost. 

2. On payment of this money or before that you will have to give a written NOC on affidavit that a new allotment letter be issued in the sole name of your wife. 

3. You also give her a written undertaking on receipt of the money and your relinquishment in the purchase. 

4. Later in sale agreement you can optionally sign as confirming party as well. 

Devajyoti Barman
Advocate, Kolkata
20197 Answers
286 Consultations

5.0 on 5.0

1. You may contact the seller, and you may give your consent to withdraw name from the agreement , a new agreement of sale can be made between seller and wife and later sale deed can be registered in her name and with fresh allotment letter.

Also since loan is not disbursed you may request bank for changes.

Shubham Jhajharia
Advocate, Ahmedabad
24897 Answers
99 Consultations

5.0 on 5.0

1. IF Divorce is by mutual consent, THEN both can execute a registered "Settlement Deed' with proper strategic clauses, defining clearly the various terms & conditions, relinquishing or gifting husband's share to Wife, no future dispute clauses, indemnify each other against any futuristic claims etc....

2. The above would legally sufficient for all futuristic purposes and you can use this settlement deed in the divorce matter.

Hemant Agarwal
Advocate, Mumbai
4655 Answers
23 Consultations

5.0 on 5.0

1. You can execute a registered Release Deed relinquishing your share in the property in favour of your wife before divorcing her.

2. Alternatively you can assign your share in the property in favour of your wife by executing a registered Assignment Deed.

3. Gift Deed is not possible because you are receiving money for relinquishing your share in the property and for Gift Deed, there has to be no money transaction.

4.  Since both of you are NRIs, you can appoint a local person as your attorney through a registered Power of Attorney, who will be doing and attending to the transfer of your share in the property from you to your wife.

Shashidhar S. Sastry
Advocate, Bangalore
2774 Answers
165 Consultations

5.0 on 5.0

- You should enter into an agreement with affidavit in favour of your wife , that you are leaving your share in the said book property , after receiving a consideration amount in lieu of releasing share. 

- Further , after submitting the said agreement with the builder , request for realising afresh Allotment letter to your wife. 

- Hence , the builder will execute the sale deed in her favour . 

- You both will have to perform the task with builder physically once and not repeated number times . However you can correspondence the builder before coming India. 

Mohammed Shahzad
Advocate, Delhi
3303 Answers
39 Consultations

5.0 on 5.0

This project might be under some registered society. Just make a formal application for the removal of your name from the property ownership and giving full rights to your wife.

Than the society of company will do this on their behalf only. Nothing have to be done with the government authorities as the registrations have not been done.

Rahul Jatain
Advocate, Rohtak
3287 Answers
4 Consultations

4.9 on 5.0

Its totally depends upon you that hoe much you want take money from her as per invested amount or today's ready recknor price. It can be easily transferred on her name. at the time of registration she alone can go for it. And you both can go Mutual Consent Divorce in Singapore. No need to come several times in the Mumbai. 

Ganesh Kadam
Advocate, Pune
10116 Answers
89 Consultations

4.9 on 5.0

You need to execute a registered relinquishment deed or gift deed of your share to her. But you need to pay stamp duty and registration charges for that

 

Prashant Nayak
Advocate, Mumbai
19636 Answers
35 Consultations

4.4 on 5.0

1. in this matter only an allotment letter is issued

2. there is no agreement also which has been registered in joint names

3. if your wife is willing to pay you half of what is already paid to the builder, then a simple agreement can be made between you and your wife recording this arrangement and transaction

4. this agreement can be made in Singapore itself and signed before the notary public there

5. you can then send the notarised agreement to the builder by courier 

6. the formal registration will then be done only with your wife and you will be out of the scene

7. as regards the bank too there wont be any issue since the loan is not yet disbursed

8. i am assuming that the bank loan application was made jointly by you and your wife. So in that case, you can submit the same agreement to the bank as well so that it can remove your name from the loan application and process the loan only in the sole name of your wife

9. the agreement as above can be signed in triplicate, each being an original. One original can be retained by your wife [since she is paying you and you can have a true copy of the document for your record] and the other 2 originals can go to the builder and bank

10. while the agreement is in transit for being delivered to the builder/bank, you can notify both about the said agreement by email and also inform that the hard copy of the agreement will reach them in due course by courier

Yusuf Rampurawala
Advocate, Mumbai
5197 Answers
32 Consultations

5.0 on 5.0

Execute an agreement giving effect to the settlement reached between both. Apostille it. Than she can use this agreement to delete your name from allotment letter, release of loan and subsequently registration of sale deed on her sole name.

No registration deed executed yet so need to execute release/relinquishment deed dose not arise.

Yogendra Singh Rajawat
Advocate, Jaipur
19328 Answers
25 Consultations

4.5 on 5.0

Dear Sir,

The option will be good enough to save your rights/privileges. 

Ganesh Singh
Advocate, NEW DELHI
4938 Answers
9 Consultations

4.5 on 5.0

If you want to withdraw from the purchase of the property and as the sale agreement has not been registered yet, you may give a request letter to the builder to relieve you from the purchase since you are withdrawing from the purchase owing to the matrimonial dispute between you and your spouse.

You can get a NOC signed by your spouse and hand it over to the builder for further necessary formalities. in this regard.

If the builder is insisting on any other formalities for which you may not be available in person, then you can give a POA deed in favor of any close relative in India to carry out the task as desired by the builder.

T Kalaiselvan
Advocate, Vellore
65774 Answers
859 Consultations

5.0 on 5.0

1. If your only problem is to get your name out as the applicant/owner of the flat you both have applied for, then both of you shall have to issue a jointly signed letter to the builder informing him that you are opting out as the co-owner and your wife will the the sole owner of the said flat and the liability for paying the remaining amount also will be borne by herself.

 

2. The builder might ask for an affidavit from both of you affirming the above before a notary public.

Krishna Kishore Ganguly
Advocate, Kolkata
24261 Answers
669 Consultations

5.0 on 5.0

You can transfer your right in favour of your wife by executing an affidavit. once  builder accepted he can execute sale deed in favour of your wife name. 

 

Mohammed Mujeeb
Advocate, Hyderabad
16464 Answers
11 Consultations

4.5 on 5.0

1. If the sale deed has not been executed then the builder may execute the sale deed directly in favour of your wife. Unless the sale deed is executed it cannot be said that the buyer owns the property.

2. You may give a letter to the builder to ask him to execute the sale deed in favour of your wife thereby making her the absolute owner of the property.

Ashish Davessar
Advocate, Jaipur
29496 Answers
847 Consultations

5.0 on 5.0

1. You can execute an agreement to transfer of ownership of property to name of your wife in exchange of consideration recieved from her.

2. Get the agreement registered in Singapore as you both are currently living there. 

3. Send the agreement to bank for transferring of loan on name of wife as you gave up your share to your wife. 

Mohit Kapoor
Advocate, Rohtak
8662 Answers
3 Consultations

5.0 on 5.0

  1. As per the information mentioned in the present query, makes it clear that you both have rightly decided to go for the mutual agreement and the same would be on the order or mediation settlement of the court of law.
  2. I would like to apprise you that need to strike out the your name as per the agreement.
  3. And for the same, you will have to contact the builder too for issuance of cancellation of certificate on your name as the property is not yet registered.

Sanjay Baniwal
Advocate, South Delhi
5258 Answers
12 Consultations

5.0 on 5.0

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