Waiver of Right in property

This query is : Resolved

hemant (Querist)
Follow

07 April 2010 Please guide in the following matter

Fact: One person dies without his will and in his family his widow and two sons now widow want to wave his right in favor of one of his son.
Now query is if widow prepare documents showing that she is wave her right in favor of one of his son and after words she died then whether the waiver agreement is suffice to prove that the right is waved in favor of that one of the son or is it necessary to get amended in property card (i.e. get canceled name of widow and his right in property is shown in the name of her son)

please guide

If further details required let me know

Thanks

CA Shiv

CA Shiv (Expert)
Follow

07 April 2010 Hello... Both are the different things... to prepare a agreement to waive the right and to get the name change. The agreement is just an evidence to get transfer the proerty in the name of the son. after the death of the mother, the son has to get the property registered in his own name. If he dont do it than also its not a problem. But since its a matter of the family problem, its better to do it so that in future the other son or his children dont create any problem....

Rasesh

Rasesh (Expert)
Follow

07 April 2010 I understand from the query that there is an property which is held by Mr and Mrs. A, jointly. They have two sons: Mr. Y and Mr. Z. Mr. A dies without any will.

Mrs. A wants to give her rights to only Mr. Y.

Since the property is today held jointly by Mr A and his wife, they are owners of the same. Since Mr. A has expired, it would be advisable to remove his name from the property card. Also execute a family arrangement between Mrs. A, Mr. Y and Mr. Z, specifically stating that Mrs. A will be 50% owner of the property till her death and Mr. Y and Mr. Z would be 25% owner each. After the death of Mrs. A, her share would dwell with Mr. Y. Get this agreement registered with the registrar. If felt necessary, get the necessary changes be done in the property card now itself on the basis of the above agreement.

Upgrade to CAclubindia Pro. Subscribe Now!

hemant

hemant (Querist)
Follow

07 April 2010 Thanks Rasesh and Shivang

Rasesh sir, your answer is good but as advised received from othe lawyers they are of the opinion that even though declaration of waiver of right is given by any person and if that person pass away then after words if legal matter necessary then that waiver agreement may not serve the purpose if sir u have any legal decision regarding the matter kindly give the reference to me.

Thanks