Property settlement
muthusamy
(Querist) 12 March 2013
This query is : Resolved
I am the mother of three daughters who are married. My husband purchased a house in Tamil nad in the name of our last daughter who was unmarried at that time considering the future of her life.
After the marriage of the last daughter, my husband managed to get back the house property in my name. The last daughter gifted this house to me ( her mother) and had given all rights to me to sell or dispose this property at my will.
Both my husband and I aged more than 65 years want to settle in Kerala where my second daughter is living. The first daughter lives in Delhi and the last daughter is living temporarily in USA. We want to purchase a house in Kerala and want to lead a separate living without giving burden to the second daughter.
I wished to sell this property at Tamilnadu. However, the last daughter (who gave this property as a gift, which she got it from her father) does not wish to sell this property. However, she is ready to pay half the amount of the property and asks us to give this house as a gift to her.
With half the amount of this property, we cannot purchase a house at Kerala. The other two daughters are willing to pay this other half of the amount and the matter will be settled. However, the other two daughters wish that after our demise, the house that is to be purchased should belong to the two of them only. Guidance from the learned advocate is humbly requested.
Can we purchase the house be jointly in the name of the two daughters? Alternatively, is there any other proposal? Thanking you.
prabhakar singh
(Expert) 12 March 2013
The house that was gifted to you by last daughter is now your's.Now she is none.You can sale it to any one.Even to her.
But it has been already a consensus that she should be given for 1/2 of it's price as the other two daughters are ready to make good the deficiency in consideration for the house to be purchased in Kerala on the condition that after you they shall be it's owner.
It is possible to buy jointly with those two daughters where all buyers shown in deed would share equally.
Alternatively it can be bought in your name
alone and you can execute a will in their favor stating all the facts to explain why you are not giving share in it to your last daughter.
Will would be necessity even if it is bought jointly for your share in it to go to two daughters paying half of consideration here as in case you pass intestate the house with respect to your share shall devolve upon all three daughters.
Raj Kumar Makkad
(Expert) 12 March 2013
If 1/2 amount of market value is being offered by one of your daughter and rest of 1/2 is being offered by 2 others then make a joint gift vide which 1/2 share of the house should be gifted to the daughter offering to provide 1/2 amount and rest of 1/2 share should be gifted to other 2 daughters in their equal share as per their payment.
There shall not be any dispute in such final arrangement and you shall easily purchase the house at Kerala thereafter.
If no consensus arrives, do sale it to a third party and move ahead as desired.
muthusamy
(Querist) 13 March 2013
Sirs,
I feel that I had not given a clear picture of my doubt.
However, Expert , Prabakar singh has cleared all my doubts.
Sir, I don't know how to thank you.
I will follow your alternate suggestion.
prabhakar singh
(Expert) 13 March 2013
Most welcome always !
You are great!
Nothing can be there as reward than the expression " I don't know how to thank you."
