resigning rights from a tenanted property
We have a tenanted office. ..under the old pagri system. My brother wants his share but I dont want to sell it .my brother migrated to other state 10 years back ..if I pay him his share what documents should be signed by him to safeguard the interest of rights of my family
Asked in Property Law from mumbai, Maharashtra
1) whose name is reflected in the rent receipt?
2) if your brother name is also reflected in rent receipt he has to inform the landlord to transfer the rent receipt in your name .
3) make all payments by cheque to your brother .
4) he can execute relinquishment deed to relinquish his tenancy rights
1. Your brother can execute and register a Sale Deed in your favour conveying title of his share of the property to your, but this will attract more stamp duty,
2. He can execute and register a Gift Deed or Settlement Deed by conveying the title of his share of the said property to you. Less amount of stamp duty will be charged in such cases.