Transfer of property ownership rights under mutual divorce
3 years ago
With reference to #213434
====================================
My wife has finally agreed for the mutual divorce as per the proposals however there is one concern.
We are jointly owning an under construction property, possession expected around '23 start. There is a home loan attached to it. My wife has demanded full transfer of ownership rights to her, as a condition for agreeing to mutual divorce while I continue to pay the future EMIs. Given the situation between us, I have agreed to her wish thinking that this will end our situation for ever!
I have also spoken with the bank and they are ready to give NOC for transferring the ownership rights, while the property is mortgaged with them. And all the remaining clauses around the property claim/liability/ownership will be mentioned specifically in our divorce petition (under alimony settlement) so that no legal or claim issues crop up in future around the ownership of the property.
I want your advice on whether there is anything else (MOU / gift deed / registered deed transfer) which I have to do stating that post divorce, the property will only belong to my ex wife and that I won't claim any rights on the property in future.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
You need to execute a gift deed in your wife's favor.
Thank You
If you found this helpful, do rate us.
A gift deed can be executed in your wife's favor, as she is not paying any consideration to you in exchange for the property ownership rights.
A gift deed allows one to gift his assets or transfer ownership without any exchange of money. The gift of immovable property must be in accordance with section 122 of the Transfer of Property Act, 1882. A gift of immovable property, in this case, will also have to be affected by a registered and stamped instrument signed by or on behalf of your ex-wife and must be attested by at least two witnesses.
Thank You
If you found this helpful, do rate us.
Divorce
Divorce certificate in Faridabad Haryana
Divorce
Wrong address
live in relationship
