Partnership agreement

Querist : Anonymous (Querist) 25 November 2011 This query is : Resolved
Hi, I am planning to buy a property in partnership with my mother-in-law. She would invest 50% while I will invest the other half. She is planning to sell her old property and fund the current 50% for new property. My mother-in-law has 2 daughters.
We are planning to put in an agreement in place wherein my wife's sister nor her husband or kin will hold any right in the property. A fixed amount equivalent to half of the amount obtained by sale of old property will be provided to them at the end of 20 years.
Will this agreement hold good for any future legal issues if faced. Also, in order for me to obtain home loan from bank will this be sufficient enough.
Will my mother-in-law need to have a will made talking about the above in addition to above agreement paper
Kindly advie

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Guest (Expert) 26 November 2011
Very clever & strange move to deprive the other members of your in-laws of their genuine rights! Your wife and you seem to be very special for your mother-in-law!

You want to earn huge profit for you on great appreciation of property in 20 years and allow the hugely depreciated value of Rupees after 20 years for the others when the price of today's rupee will remain merely about 10 paisa.

Of course, quite an unethical move on your part. So, no advice.

Rajeev Kumar (Expert) 26 November 2011
Agree with Dhingra JI

V R SHROFF (Expert) 26 November 2011
don't Plan such partnership!
Dhingraji st way replied u!

Querist : Anonymous (Querist) 26 November 2011
Well, let me kind of give your some more background. My In-Laws currently stay with me in Karnataka.

My In-Laws have already given 15L to my wife's sister few years back which was misused and never returned. The current property 2BHK flat is out of karnataka and is currently on rent and will sell for approximately 30L and my wife's sister would receive another 15L in 20 years as per agreement. I dont see me having deprived anything to my wife's sister. Instead I am trying to secure her future so that she is not duped as before.

Please also note, I would also be paying interest for 30L loan for new property 3BHK which I would take for next 20 years and not even staying there since I already have my own independent house to stay.

So in any case, its situation I am in and will need to do irrespective . If you can advice it would be great.

Sankaranarayanan (Expert) 26 November 2011
Then you can buy it in your wife's name. why you confused it all

Raj Kumar Makkad (Expert) 26 November 2011
You should have put entire background earlier so that proper reply might have been given in one go. Anyway, a proper reply has been given by shankar.

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