Purchase of property held in joint name
Pramod Ramatmajan
(Querist) 02 April 2012
This query is : Resolved
I am looking to purchase a flat in Mumbai, which is held in name of Father as first owner and Son as joint Owner. The Son is NRI and the father hold the POA on behalf of the Son.
The purchasers want the full payment to be made in favor of the first holder (Father).
Is there any legal issue if such a payment is made?
Kindly advise
V R SHROFF
(Expert) 02 April 2012
NO PROBLEM. GET IT REGISTERED, TAKE POSSESSION. PAY BY CHEQUE TO ANY ONE OF THE OWNER', NAME . IT IS OK.
IT SEEMS THE SELLER WANTS PAYMENT ON FATHER'S NAME. CORRECT??
No legal problem for you, the purchaser.
ajay sethi
(Expert) 02 April 2012
no legal issues . in addition father is POA of son . however be careful while draftying agreement .
Nadeem Qureshi
(Expert) 02 April 2012
Dear Querist
i agree with experts
Rasik Dagli
(Expert) 03 April 2012
Yes. Payment can be made any any one's name. In Sale Deed both should acknowledge the receipt of payment. Pay by A/C. Payee cheque only .
RASIK DAGLI
Advocate.
Sailesh Kumar Shah
(Expert) 04 April 2012
I humbly differ.
please read power of attorney carefully, what it says?? if it is allow to accept money by father, then it would be right. If poa says that payment to be made in the name of son, then it should be payment on the name of son.
