Power of attorney vs gift deed
16 Oct 2013, 14:06
My grandfather passed away few months back. He owned a house & now my grandmother is legal owner of the house (R deed is signed in her favor by her children).
My grandmonther wants to give 2 floors (out of 3 floors she owns) to me & my brother without any financial consideration. We have following options -
1. Register a gift deed (it has stamp duty & other legal charges involved)
2. Register power of attorney with will to effect transfer in our names (this option has nominal fee involved)
need to know which is a better option legally. Would POA with registered will be as good as gift deed & used for any house related transaction (sale, rent, renovation etc) in future.
4 Replies
POA is only as appoint her agent & not the owner of the property so it will be better to register a gift deed.
Registering a gift deed is the option that I would suggest too. Get more information regarding the real estate issues on [url=http://www.jenniferbuyshouses.com\]this link[/url].
Dear Sir,
To register a gift is the best option.For more detail contact us (query[at-the-rate-of]nrilegalconsulting[dot]com)
it is better if u opt for Relinquishment Deed from ur grandmother in your name. As POA and Will are not title documents. Will can be treated title document only after Probate from the court. Gift is a title document but it attracts heavy duty. For more information contact.
Payal Jain(Advocate)
(jain_payal9[at-the-rate-of]yahoo[dot]com
) 09868045019