Adding a co-owner to a property involves legal steps to ensure a smooth and valid process. Here are the essential guidelines:
Choose the Right Deed:
There are two primary ways to add a co-owner:
- Sale Deed
: This transaction resembles a typical sale. Create a new sale deed that clearly specifies the portion of the property being transferred to the co-owner. Register this deed at the sub-registrar’s office.
- Gift Deed
: Share property ownership by gifting a portion to the intended beneficiary. Execute a gift deed and register it at the sub-registrar’s office.
- Sale Deed
Legal Formalities:
- Create a New Deed
: A mere verbal agreement won’t suffice. You must create a new deed to add a joint owner. This deed must be registered at the sub-registrar’s office to be legally valid under the Transfer of Property Act.
- Stamp Duty and Registration Charges
: Both sale deeds and gift deeds require payment of stamp duty and registration charges during the registration process.
- Create a New Deed
Clarity of Title:
Specify how you and your co-owner will share the title:
- Joint Tenancy with Right of Survivorship
: Equal sharing, where ownership automatically passes to the other if one co-owner dies.
- Tenancy in Common
: Unequal sharing, where each co-owner’s share is distinct.
- Joint Tenancy with Right of Survivorship
How to add co-owner?
rajiv
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2024-03-14T10:35:49+00:00 2024-03-14T13:33:41+00:00Comment
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