Sale deed can be executed by legal heirs of P2 for their share in property
2) stamp duty has to be paid as per circle rate
3) consideration for sale has to be as per mutual agreement
Plot purchased with 4 names in sale deed and paid by two, need to remove 2 names from property
Plot purchased from Original Owner (O1) and converted to NA plot by 1998. He 200 sq mtr out of his property: Buyer P1, added 3 extra named into the Kharedi Khat & 7/12 extract by year 2000. 1. M1 (mother of below 3 people, calling M1) 2. P1 (self, from hereon P1) 3. P2 (deceased in 2015, from hereon P2) 4. P3 (from hereon P3) Plan to construct house on the 400 sqmtr plot was approved by Govt and. O1 did his side of construction first. Then P1 started construction on property according to the plan on his side. Loan of 2Lakh was taken from BOB Housing in 2000 and EMIs were paid back by P1 and P3 equally, M0 had paid 40k in EMIs in 2009. Till this point the cost distribution was as follows: - P1 paid for Land in 1998 INR 2.35Lakh to O1(cash) - P2 had given INR 46k to P1 (cash) - P1 paid for Plinth in 2000 INR 1Lakh (cash) - P1 cleared 42% loan out of INR 2L during 2000-2009 (cash) - P3 cleared 42% loan out of INR 2L during 2000-2009 (cash) - M1 cleared 16% loan out of INR 2L during 2000-2009 (cash) These are mutually agreed upon numbers and there are no evidences to support this distribution. Additional information: - 1999 – 2000: P1 has paid P2 below amounts o Rs. 15,000 for renting home and renting shop in Dhule o Rs. 1Lac for Bhatti (oven) at his shop o Rs. 35,000 for Equipment, tools and personal expenses - 2002 o Rs. 30,000 for clearing loans P2 made in Nashik - Above P1, M1, P3 and heirs of P2 mutually agree. Overall value of above money as of 2020: Inflation 5% adjusted = 6.5L Real value of avg 1.8L in 2001 based on Nifty and gold = 16Lac - P2 had signed a legal document letting his ownership in this land go to P1 in 2013 or so but for stamp duty and other reasons P1 did not register the document. - P2 died in 2015, his wife P21 and Daughter P22 (born in 1998/99) are his heirs. - P22 got married around 2017. - Nor P2 nor his heirs ever occupied the property in concern - M1 also has 3 daughters and 3 sons. o M11, M12, M13 (all alive and married) o P1, P2, P3 o Husband of M0 and father of P1, P2, P3 is passed away in 1983, hence was not involved in this property. - Property was built-up by end of 2000 o Has 865 sqft RCC construction o Area of property is 2 gunta – 200 sq mtr Goals: I am writing on behalf of P1. 1. We intend to acquire all the rights on the property back from heirs of P2, M1. Currently P3 & P1 live in the property of total 865 sqft built-up with their families with separate entry doors. 2. We intend to own and have right to utilize remaining FSI on the plot which is 1200 sqft. 3. We intend to have a Vatani patra betn P3+P1 of property which gives P3 -> 28% (50 Sq.mtr.) of the property. 4. Heirs of P2 are seeking some monetary benefits from current occupants P1 & P3. 5. Can sale deed be made from P2 to P1 with 6% of market value pf the property paid to P2 6. we r Seeking your advice to legally execute above deals. Without any future exposure or any leverage to heirs of P3.
Asked 3 years ago in Property Law
Religion: Hindu
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5 Answers
You have given an elaborate narration of the subject matter however you hav not raised any query in your post to which you would like to have clarification or opinions from experts of this forum.
So you may revert with your query if you are very serious to sort out the problem or to clarify your doubts.
The details you have furnished are confusing as well as incomplete especially in the absence of the perusal of the relevant documents.
Hence you may even consult a local advocate in person to get a first hand information or opinion to your query.
Hi @TKalaiselvan, here is the query: How to legally achieve below goals? what agreements to make and in what sequence do we register and when do we pay person P2. Goals: I am writing on behalf of P1. 1. We intend to acquire all the rights on the property back from heirs of P2 and M1. Currently P3 & P1 live in the property of total 865 sqft built-up with their families with separate entry doors. 2. We intend to own and have right to utilize remaining FSI on the plot which is 1200 sqft. 3. We, P1 intend to have a Vatani patra betn P3+P1 of property which gives P3 -> 28% (50 Sq.mtr.) of the property. 4. Heirs of P2 are seeking some monetary benefits from current occupants P1 & P3, we are ready to pay. 5. Can a sale deed be made from P2 to P1 with 6% of market value pf the property paid to P2 6. we r Seeking your best advice on how to legally execute above deals. Without any future exposure or any leverage to heirs of P3. @AjaySethi, Are there any possibilities in future if we pay less consideration amt than circle value to P2, how to make it exposure-less, can we show the previously paid 1.8Lac in 2001 as payment towards this share of property and some payment can be made in 2020. @all if someone near Nashik, maharashtra can help me with this matter, please get in touch (https://omkardusane.github.io/)
Asked 3 years ago
You can in sale deed mention Rs 1.80 lakhs was paid in 2001 and balance amount is being paid now
1. If P1 wants to acquire the property now being owned by others i.e., P2 and M1, you can ask them to transfer their share of property to P1 by a registered sale deed or gift deed, so that P1 becomes the owner of the share of properties being owned by P2 and M1 also.
2. You cannot acquire the entire FSI or own them if there are any other persons who jointly own the properties in question, the remaining FSI are common to all the current joint owners .
3. You can apply for transfer of revenue records belonging to P2 and M1 on the basis of their registered transfer deed transferring their share in the property to your name after which you can apply for joint revenue records of the property on your name, i.e., P1 and P3.
4. Without monetary benefits the heirs may not agree for transfer hence you may have to oblige their demand in this connection.
5. The sale deed can be executed by the P2 (seller) to P1 (buyer), but the applicable stamp duty for the registered sale deed has to be paid by the buyer.
The sale consideration amount can be negotiated by the buyer with the seller, it can be 6% of the market value or actual value prevailing the market.
6. The registered deeds transferring the rights of an owner to the transferee is the procedure to be followed in this regard in order to avoid any legal hassle in future in this connection.
5. yes you can do some but kindly execute a detailed agreement signed and registered between the parties
You can do it easily and with negligible cost by executing a will
