Can A Property Be Transferred Through A Gift Deed?
Question asked by Mr. Sathish HM from Bangalore:
Hi Mam, I am Sathish H M, presently living in Bangalore-Karnataka.
My Question is, My father having a house that is in his name (Sole owner), we have two brother (elder brother), my father wants to transfer his house to my name through Gift Deed.
Any legal problems creating by my elder brother after transfer the property to my name.
Please tell me if is it possible to do the GIFT DEED without property documents, because documents are pledged in a Bank for House Loan in my Father name.
If it possible what the procedure I have to do, please advice me.
Regards
Sathish
Vatsala Answers:
When a property is mortgaged to a bank, it should not be transferred because the repayment is linked to ownership and the rights of the bank will be affected. However with the consent of the bank (after undertaking that you will be liable to repay the loan) the gift deed can be executed. If it is a self acquired property, your brother cannot question the acts of your father in gifting the same to you.Vatsala
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March 10th, 2009 at 6:41 AM
I am having a plot that is in my name (Sole owner), we have two sons and a daughter, I wants to transfer my plot to eldest son through Gift Deed.
I have taken my other son and daughter consent.
Should i have to take in writting on judicial paper from them?