Gift Deed Cancellation Process and Charges
Dear Legal Experts
Pls note the case facts as under:
1) In 2003, I purchased a plot in a gated community in Bangalore and constructed ground floor with bank loan
2) Simultaneously, I made a gift deed in favor of my younger brother for him to construct first floor and so that he can obtain bank loan
3) Presently, I am negotiating property sale. However, the original gift deed document isn't traceable by my brother.
4) Buyer's bank as well as buyer is insisting on the original gift deed document. Else their lawyer suggest to file a FIR followed by publishing in newspaper. As per them, without gift deed market value of the property comes down and they may not sanction the loan.
5) My brother is located in Kolkata presently. His consent is there on the property sale. And I intend to share a part of the proceeds of the sale with him. Rest I intend to reinvest in a property
1) a) What is the simplest and yet sure shot legal process through which me and my brother can assure the buyer and his bank given that original gift deed isn't traceable?
b) Should me and my brother go for gift deed cancellation?
c) is there a way that he doesn't need to come to Bangalore for gift deed cancellation?
d) what are the charges (approx) for gift deed cancellation?
e) will this cancellation be enough to ensure the interest of buyer and his bank? so that they sanction loan?
f) after gift deed is cancelled, is my brother's signature needed in Sale Agreement and during Property Registration?
g) how should I legalize the amount that I pay my brother
Thank you so much for your help.