How can I become the sole owner of the property?
We purchased a flat 15 years back in housing loan. Since my father was retired he was not eligible for bank loan. I was new in job so the loan was taken by me. I am the co-owner of the property with my father. Now, the loan repayment is complete. I am planning to take some property loan for me in a different city (where I stay) using this property. For this I want to have this property in my name solely. How do I become alone owner of the property? Kindly advice.
Your father can transfer his share of the property to you through a registered gift deed or release deed, which will make you the sole owner, and the process will incur minimal stamp duty since it's a transfer between immediate family members. To execute this, you'll need to prepare the deed, get it stamped at the appropriate rate, have it registered at the Sub-Registrar's office with both parties present, and then update the property records with the relevant municipal authorities.
Sir, to become the sole owner of the property your father can either gift or sell his share of the property to you and then you will need to register the deed and apply for property mutation. You must ensure that the bank is informed especially if you plan to take a loan against the property. It is advised to consult an expert lawyer who will assist you to navigate the complexities of your matter. For further legal assistance contact us on our helpline number.
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