If one of joint tenants dies, his interest will go to other owner2 min read . Updated: 10 Nov 2020, 09:44 PM IST
Under tenants-in-common, upon death of one of the owners, the interest in the property will devolve according to the will of the deceased
My mother, my former wife and I own a property jointly. The property has a loan against it which is in the names of all three of us. However, the loan was sanctioned on the basis of my salary documents as my mother and my former wife were unemployed. After divorce, my former wife wants to get her name removed from the loan account. For this purpose, the bank needs a gift or release deed. My former wife intends to give up her share in the property without any consideration. What shall be more viable—a release or gift deed? We were told that a gift deed will not be possible, and it will have to be a release deed. Also is stamp duty to be paid for both gift and release deeds?