Is it legal to sell property to brother?

I have a homeloan against a property since last three years.
I want to buy a property near by to my office and hence want to sell my current property so that i can apply for fresh loan.
Instead of selling it third party, i want to sell it to my brother who is salaried person. He will have to apply loan to purchase property from me and we will formally make an sale agreement as per regualar procedure.
As its a transaction between blood relation, will there be any legal matter during agreement or home loan? Please advice

8 Replies to “Is it legal to sell property to brother?”

  1. If you are selling it for what it’s worth and not trying to give it as a gift, then yes you can do it. You can do it even if you are selling for less than it’s worth or doing it as a gift, but that can trigger some tax liabilities that you should discuss with an accountant.

  2. sale of property to any one – even husband to wife – is legal and OK.
    there will be all the procedure of the court and transfer documents.
    talk to your bank.. may be the loan can also be transferred.

  3. No Generally, father or mother to Son or daughter is viewed as transaction among blood relations. Bother to brother is exempted. So you can confirm from Housing finance companies and carry out the transaction.

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