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Release Deed. How to do it and what is the cost in Banglore?
Posted: May 17th, 2013, 8:46 am
by ramki067
Hi guys,
I've a plot where in i paid the total amount for the plot but while registering i registered with my mom also, so in the title deed both of us names are mentioned.
Is it possible to remove my mom name in the title deed through "Release Deed"?
If yes, what would be the procedure and charges to it. Is it same as "Gift Deed" and also with respect to charges in Bangalore?
Thanks in advance.
Regards,
Ramki
Re: Release Deed. How to do it and what is the cost in Bangl
Posted: May 17th, 2013, 11:25 am
by madhusar
I am not a lawyer, ideally it is better to approach a lawyer to do this. It is not clear why you mentioned your mothers name in the sale deed, if you paid the total amount for the plot.
You cannot remove your mother name from the title deed. Rather "release deed" is another transaction done on the property
where your mother will release her rights in your favour and you become the sole owner of the property by virtue of execution of the release deed. A gift deed may be the better choice, since no payment has been made by your mother and this is a transaction within the family.
"Release deed" is not the same as "gift deed". Gift deed may not have any monetary consideration, while a release deed can involve a monetary consideration for release of the right.
http://www.karunadu.gov.in/karigr/model ... ed.htm#rel will give you more information on release deed, but there are concessions for release within a family and so on. BETTER to talk to a lawyer to get this done.
I had the experience of getting a release deed done a few years back. Not sure if that will apply to your case. Typically lawyers charge an amount (5K - 10K) for drafting the deed and getting it registered in the jurisdictional sub-registrar's office. There may be some under the table payment at the sub-registrar's office. The amount need to be negotiated depending on the case (an indicative range could be between 5K to 15K). A straight forward case needs lesser under the table payment obviously.
Re: Release Deed. How to do it and what is the cost in Bangl
Posted: May 17th, 2013, 1:20 pm
by ramki067
Thanks madhusar. Will contact lawyer regarding this.