Delhi-selling or rebuilding willed property

Querist : Anonymous (Querist) 20 April 2024 This query is : Resolved
My parents have expired and have left a REGISTERED JOINT WILL in the name of four children, % wise. Can any one advise what is the next course of action if the four children want to rebuild the property and acquire it %wise OR SELL it all together and acquire %age share. Different lawyers are giving different opinions.

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When inheriting a jointly willed property, the beneficiaries must first ensure the Will is enforced and the property is mutated into individual names. The decision to sell, rebuild, or jointly develop the property rests entirely with the legal heirs. While the law dictates the procedure for transferring ownership, it doesn't prescribe how the inherited asset should be managed. Options include selling individually or jointly, or entering into a joint development agreement with a builder.

kavksatyanarayana (Expert) 20 April 2024
It is your parents' house and your 4 children rebuilding the property is the best.

T. Kalaiselvan, Advocate (Expert) 20 April 2024
Firstly enforce the Will and get the property properly mutated on each individual names.
If all the beneficiaries decide to sell the bequeathed property then they can get the revenue records transferred to their names jointly and sell the property accordingly.
If you all decide about going for joint development then enter into a registered MOU or JDA jointly with a developer on the mutually agreed terms and conditions.

SIVARAMAPRASAD KAPPAGANTU (Expert) 22 April 2024
A further course of action to be taken as per the law is suggested by Shri T. Kalaiselvan, Advocate. To sell or not to sell, sell it individually or jointly together, or give it for Development are all questions to be discussed among the Legal Heirs and an amicable solution arrived at. Law does not prescribe what the legal heirs should do with the property they inherited. The law only states the procedure to be followed by Legal Heirs to get the property in one's name. What to do with the property the Legal Heirs have to decide for themselves.

P. Venu (Expert) 26 April 2024
The property needs to be mutated in revenue/municipal records. In certain specified cases, the Will requires to be got probated.

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