Apni Law Staff asked 3 months ago
I’m planning to buy a used flat with a bank loan and include my mother as a co-borrower on the loan and property deed to save on stamp duty and interest. My mother doesn’t have an income, and I’ll be making all the loan payments. My married sister lives separately. What documents or declarations should I get from my mother and sister to ensure my sister doesn’t claim any ownership of the property in the future?
Best Answer
Apni Law Staff answered 3 months ago
You should get a declaration from your mother stating she is not contributing financially to the loan or property. Additionally, you should obtain a declaration from your sister confirming she has no claim or interest in the property and acknowledges your mother’s role as a co-borrower is only to reduce stamp duty and interest. This will help mitigate any future ownership claims.
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