Myself and father jointly Purchased a house with housing loan. The title of the property is both mine and fathers name. Documents are with the bank. I Wanted to have the title only in fathers name to advoid some controversies. Kindly advice what is the procedure. Should i write a declaration & notorize it or should i go for gift deed or should i re register it. Kindly advice which is the best and cheap method.
You cannot do any thing till you get back the documents which are at bank. You will get back the documents after clearing the loan. After getting such documents, you have to relinquish your rights over the joint property, and prepare a reliquish deed and submit with the sub-registrar. AFter filling this relinquish documents, the property title will be changed .
Any kind of mortgage does not refrain you from writing a release deed or gift deed. You need to understand below:
1) Registration authority (SRO) will not question you what you are registering. It is their duty to register when the parties present documents for registration;
2) Such subsequent registrations are subject to mortgage already registered with SRO;
3) Though you register release deed or gift deed, your liability remains unchanged with the banker.
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