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GI’m seeking legal advice regarding a home loan and property transfer.
I had taken a home loan with my mother as a co-borrower because the house is in her name, and I’m the salaried individual eligible to take the loan and pay EMIs.
Now, my parents and I have mutually decided to transfer the ownership of the property from my mother to me. This would also help align the ownership with the financial responsibility I’m handling.
We’ve checked the process and understand that a deed needs to be prepared first, followed by property registration.
The property is located in Jharkhand where my parents live, while I’m currently working and residing in Mumbai.
Questions:
Can the deed (gift or sale) be prepared and executed from Mumbai, or do I need to be physically present in Jharkhand?
Is there a way to complete this process remotely or via Power of Attorney?
Can someone suggest a reliable property lawyer who deals with such matters—preferably with experience in Jharkhand property laws?
Thanks in advance for all help and guidance!
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F
Transferring property ownership can be done smoothly, even with you in Mumbai. Here are the steps you can take:
1. **Decide on Deed Type**: Choose between a Gift Deed (Section 122 of the Transfer of Property Act, 1882) or a Sale Deed. A Gift Deed may be simpler and less costly, especially if no money is involved.
2. **Draft the Deed**: Engage a lawyer to draft the deed. Your mother can sign it, but you can use a Power of Attorney (POA) if you cannot be physically present. Appoint someone in Jharkhand to act on your behalf.
3. **Registration**: The deed must be executed in front of a notary in Jharkhand and then registered at the local sub-registrar office, as per Section 17 of the Registration Act, 1908. You will need documents like the original title deed, proof of identity, and address.
4. **Home Loan Update**: Post-ownership transfer, contact your bank to update the loan details, removing your mother from the loan if needed.
5. **Legal Assistance**: For a reliable property lawyer in Jharkhand, consider contacting local bar associations or legal firms specializing in property law.Always ensure all property documents are properly verified before proceeding. Good luck!
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