I am in possesion of a flat jointly owned by mother and me in Navi Mumbai, where my mother is the first applicant and I am the second applicant. My mother is aged and she wants to transfer her 50% share to me. She has her nomination registered in favour of me in the housing society. I want to know whether we have to register a gift deed to transfer her rights or the nomination paper is sufficient.
Ans: In this situation, while the nomination paper registered in your favor with the housing society indicates your mother's intent for her share of the flat to be transferred to you in the event of her demise, it may not be sufficient to legally transfer her ownership rights to you while she is alive.
To transfer her 50% share of the flat to you during her lifetime, it's advisable to execute a gift deed. A gift deed is a legal document that formally transfers ownership of property from one person to another without the exchange of money. By executing a gift deed, your mother can legally transfer her share of the flat to you, and the deed will serve as evidence of the transfer.
Consulting with a legal expert or a property lawyer experienced in real estate matters would be prudent to ensure that all legal requirements are met and to facilitate the smooth transfer of ownership rights. They can guide you through the process and help draft and register the gift deed according to the applicable laws and regulations in Navi Mumbai.