Share in property
Sashi Kumar
(Querist) 08 March 2014
This query is : Resolved
Experts Please Advice,
My brother has a property in Delhi. My name is not on the title. He has now agreed to give me 30% of the sale proceeds when the property is sold. He is not willing to give me gift deed or relinguish deed but He is ok with doing some kind of agreement or putting a Lien or mortgage on the property.
Please advice what legal document can be made so I can secure my share whenever the property is sold.
Thank you
ABDUL RAZIQUE
(Expert) 08 March 2014
Are you karta of the family? is the property bought by your amount? if not then you have not right to get share in the property of your own brother. if you are doing so that means you are buying a legal problem for self.
Sudhir Kumar, Advocate
(Expert) 08 March 2014
your vague query prima-facie indicates that you have no actionable right and have to wait for generosity of brother without provoking him.
malipeddi jaggarao
(Expert) 08 March 2014
If your brother has property and if it is not ancestral, if you did contribute for acquiring such property, you do not have any right on the property. If your brother is willing to you some share, he can make a regd.gift deed gifting such share out of love and affection towards you.
Rajendra K Goyal
(Expert) 08 March 2014
In the given facts, you have no legal right on the property. If your brother want to oblige contact a local lawyer to draft an agreement protecting the interests of both.
Sashi Kumar
(Querist) 08 March 2014
Thank you for your response. I understand I have no legal right but my brother wants to give me the share with love and affection but the reason he does not want to gift deed is so he is not dependent on my approval for either selling it or building the property and then selling it. As Rajendra Goyal is suggesting to do an agreement. Will that agreement protect my interest. Does the agreement need to be registered.
prabhakar singh
(Expert) 08 March 2014
VALUE THE PROPERTY AND GET CREATED A REGISTERED MORTGAGE DEED FOR 30 % LOAN CHARGED TO SAFE GUARD YOUR AGREED YOUR INTEREST OVER VALUE PROPERTY WOULD BE VALUED FOR STAMP DUTY IN FUTURE.
prabhakar singh
(Expert) 08 March 2014
VALUE THE PROPERTY AND GET CREATED A REGISTERED MORTGAGE DEED FOR 30 % LOAN CHARGED TO SAFE GUARD YOUR AGREED YOUR INTEREST OVER VALUE PROPERTY WOULD BE VALUED FOR STAMP DUTY IN FUTURE.
T. Kalaiselvan, Advocate
(Expert) 09 March 2014
Since you do not have a right of share in the property legally, you cannot force any decision on your brother, however as suggested above, a registered mortgage in your favor to the extent of your brother's decision to part with the share of the said property may solve the issue, better consult a local lawyer and draft things as per the circumstances.
