Me and my wife are joint property owner of an apartment in Chennai. I wish to transfer my joint ownership to my wife whereby she enjoys the sole ownership of the property.
Can I execute settlement deed in favour of my wife by paying appropriate stamp duty as per the state act? If yes, please provide most acceptable format for executing the settlement deed at the SRO.
Asked in Property Law from Chennai, Tamil Nadu
1) you can execute gift deed wherein you can transfer your 50 per cent share in apartment to wife
2) it has to be duly stamped and registered
3) we do not provide formats .
4) draft depends upon facts of each case
You can execute a gift deed of your share in her favour, which should be registered and stamped. To get the deed drafted you may engage any lawyer frpm this portal.
You can execute a registered settlement deed (cost effective) or a registered gift deed in her favor subsequent to which she can mutate the revenue records on her name.
This will entitle her to become an absolute owner of the entire property.
She can hen transfer the EB connections, water supply connections, share certificate of the society, can apply for single member from the associate member of the society after having transferred the property fully on her name.
For preparation of settlement deed, you may have to engage the services of an advocate on payment of his fee separately for the services you are desiring to avail.