Dear Sir/Madam,
You are suggested to get the gift deed done in favour of you and your brother so that title gets transferred from sister in law to you.
Hi, I worked in Bangalore, Recently I and my brother purchased property, I made transfer officially around 17.5L through bank and remaining as cash. Since there was a lockdown situation and due to hectic work schedule, I did not fly back to hometown. So we both decided to register property on my Sister-in-law's name. Now she is officially owner of this property. But my plan is to get agreement done, which clearly states the share property between two. I would be curious to know what it could be and cost effective but legally strong to safeguard me in future. Of course we bother love each other, but transparency is key to foster trust.
Dear Sir/Madam,
You are suggested to get the gift deed done in favour of you and your brother so that title gets transferred from sister in law to you.
Register the sale deed before sub-registrar by SPOA authorizing anyone on your behalf to register the sale deed showing ownership of land by you and your Brother jointly specifically ratio of share holdings in the property purchased by both of you.
Appoint lawyer, get prepared sale deed and register it with the payment of registration and stamp duty as per provisions of law to safe Gaurd your legal rights as well said transparency is the key to a foster trust and care.
Execution of gift deed is the cost effective method. Even though executing a sale deed for 50 per cent share of property in your name after covid 19 is the best option.
Let the 1/2 share be in the name of your sister in law, ask your brother to relinquish his half share in your name by executing Relinquishment deed and get it registered in the concerned office of sub registrar. It is cost effective and you have to bear nominal stamp duty and registration charges.
Relinquishment deed can be between blood relation only.
Either she have to execute gift deed in both favor or have to obtain declaration order of ownership from court if she do not agree.
You can execute tripartite agreement in which payment contribution will mention. This agreement will use as proof only. For transferring title, gift deed is only option.
Thanks a lot for answers! I have following questions now: 1. I do not want gift deed only because it will cost lot again even 2% is too much for property value of 40L. In such case does Relinquishment deed hold good legally as long term solution? If so what is charges here and high level process please? 2. I wanted agreement to be done only to save money, its hard earned money, we already put 4L for registration purpose alone. Kindly give your advises. Thanks!
Relinquishment deed also attracts stamp duty. But not possible. It could have done if property was purchased in joint ownership. Here she is only owner.
Gift deed is an only option.
Agreement will only certify who made the payment. Till gift deed will execute, ownership will stay in her name only.
- Since the said property now is in the name of your sister in law , then for becoming the half owner of the said property , she should execute a registered Gift deed in your favour.
1. Relinquishment deed is for releasing the share , and not for transfer of title of the property .
- Further , as per law , a relinquishment deed should be also registered from the registrar office , otherwise having nil value.
2. Even if will entered into an agreement , then that should be also registered , otherwise unregistered agreement not admissible before the court.
You cannot relinquish the property in favour of a non-co-owner. If you plan to transfer your property to someone else, it would be treated as a gift deed and would attract stamp duty charges.
Only 50% share you need to pay stamp duty for gift deed.
You must be having phone number of the advocate who got executed the Sale deed. Call him and he would give the exact amount including his fees. The stamp duty should not be more than 100/- rupees and registration charges should have been less than or around Rs.1000/-. (Each State has different stamp duty act). However, get it confirmed from the advocate concerned who would facilitate you in getting the RD executed and registered in your favour.
Dear Client,
You should get transferred your share in the property. For this purpose, there will a regisrered transfer deed between your sister in law and you to avoid any future dispute.
1. Let your sister-in-law execute a registered Gift Deed in favour of your brother. After that let your brother execute a registered Gift Deed in your favour. Gift Deed executed within blood relatives in Karnataka attracts a nominal stamp duty, if the property is in Karnataka.
2. Otherwise, you, your brother and your sister-in-law enter into a Family Settlement Deed detailing the money transactions and record it.
There is no such agreement that can be made at this stage when you have already purchased the property in the name of your sister in law by a registered sale deed.
Now she is the absolute owner of the entire property.
If your contribution to the purchase of the property is 50% then you can ask your sister in law to execute a registered gift deed in your favor towards 50% share in the property in order to safeguard your future interest.
Your sentimental issues cannot protect your interests in future if they do not want to give your share.
You can at the maximum file a money recovery suit to recover the money what you have contributed that too if you documentary evidences to prove your funding.
She is not a shareholder hence she cannot relinquish her rights in the proeprty in your favor.
If you are trying any other mode then you are wasting your time, money and energy on an issue which cannot be implemented s per your whims.
What type of agreement do you want to make.?
Please remember that without registering any agreement that you may propose to enter into will not be legally valid nor it can be enforceable.
If the property not purchased in joint name with you, she could not relinquish her right through a relinquishment deed .Only sale deed or gift deed can execute for your purpose.
Relinquishment deeds are legal documents by which a person can give up on his or her legal rights over a property to someone else with their consent.
Please get irrevocable SPOA executed and being appointed as attorney of your Brother and sister-in-law.
A relinquishment deed camnot be a solution because you want it in your name. As of now only she is the owner. She could have relinquished it if you both were also shareholders.
Dear Sir/Madam,
You are suggested that the relinquish deed is possible only if there is share of yourself, your brother and his wife. This is not the case with you and hence the concept of relinquish deed should be done away with.
execute registered GPA Or gift deed in your favour.
you can also execute an Memorandum of understanding.
1. You can ask your brother that your sister in law should execute gift deed of half property on your name as soon as you return to hometown.
2. Relinquishment deed cannot be executed because you are not co-owner in property and it can be executed in favour of co-owner only.
3. Agreement can be cancelled so it will be better to go for gift deed and if not gift deed then ask them to execute a non revocable POA in your favour.