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Pavan (GTM)     05 June 2014

Brother sister propoerty

My sister and me wanted to buy a Apt flat but since loan can't be taken if flat was co-owned by both brother and sister so i got the flat registered on my sister name and she took the home loan. As for my share, i payed by personal loan. Now she got married and small quarrels have started. Before anything goes big, i want to safe-guard my share by some agreement so she can't sell the property with out my consent and to furnish i am half owner. Please suggest what agreement i need (any sample format is appreciated).



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 2 Replies

Sunil S Nair (lawyer)     05 June 2014

Firstly go on with good terms with your sister then convey her to write a affidavit that she shall not sell the said flat without your permission and your share in the said property get it attested notorised and registered you will just have to see a local lawyer to complete the process which will help you to draft accordingly and register the documents

Kumar Doab (FIN)     05 June 2014

The question arises how would you succeed to get your joint ownership safeguarded? 

Get the 50% ownership transferred in your name. Bank's permission may be required if loan is not fully paid.

Or

Obtain Loan papers signed by her with Flat as Collateral.

 

You should certainly see a lawyer wit all docs on record.

The lawyer that has examined each doc on record can advise you the best.

 


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