Joint property sale
L.K.RAO
(Querist) 29 January 2012
This query is : Resolved
A joint ancestral property measuring 11 cents belongs to 11 siblings(6 brothers and 5 sisters).Some 15 years ago, two of the brothers constructed on their portion ,houses without consulting others and it has since become fait accompli.Another two brothers at that time gave their portion for a consideration to one of the brothers who had constructed the house.The price was much, much lower than the prevailing mkt.price.The lawyer who made the paperwork said this paper has no locus standi in Court if the property is to be sold at a later date to a Third Party and it is only a private agreement between them.Also at that time ,no sibling was coming forward for sale .Now after so many years all are of opinion for sale of this property.
quey1:Can the two brothers who gave their portion be ignored or their Sig incl.LTI required if the sale is to executed?
query2:Could the two brothers who gave their portion return the money to the one (who took the portions) with compounded interest rates for the intervening years as a compensation so that their entitlement is protected?
Raj Kumar Makkad
(Expert) 29 January 2012
1. As all siblings are legally owners in possession of equal share in the joint property, none can be ignored even though 2 of them have already obtained their share from one of their brothers who constructed a house thereon.
2. Yes. They shall have to do so otherwise they shall have to lose their share in the hands of that brother to whom they had sold their share.
prabhakar singh
(Expert) 30 January 2012
query1:Yes!If they have not executed any registered deed in favor of their brother.
query2:yes!if they are honest and there surrender is not registered.
