Co ownership of property

Rahul (Querist) 20 April 2013 This query is : Resolved
I have purchased a property 1 year back which is still under construction. The possession would require further 6 months.

My query is whether I can transfer 50% ownership to my wife before possession.
If yes then how it should be done??

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Advocate M.Bhadra (Expert) 20 April 2013
If the registered Deed of Sale has already executed then you should transfer 50% share to your wife by a registered Deed of Gift.But if the Deed of Sale has not completed yet then you can include your wife's name in the Deed of Sale.

JOINT OWNERSHIP

In Joint ownership any one of the owners has the right to decide on a property, and it eliminates the need of a power of attorney if one of the owners is absent. The surviving owner becomes the sole owner of the property in case of the death of the other owner. Therefore, the survivor ship and the security come automatically. Even not making a will make no difference in Joint ownership.
In Joint ownership the signature of both the owners is must to sell or taking their names off the property. Therefore it is difficult to revert the decision of having sole ownership after making a Joint ownership deed.

In case of a permanent split like divorce, each owner will have an equal share of the property. But if the property is purchased or built on the investment of one of the owners then the person can suit a case showing all details of his or her investment asking for the sole ownership of the property in the court.

ajay sethi (Expert) 20 April 2013
you have not mentioned whether registered agreement has been entered into builder for purchase pf property . ? if agreement has been entered into you cna execute gift deed for 50%share to your wife