Buying property with friend

Querist : Anonymous (Querist) 02 July 2018 This query is : Resolved
I am planning to buy a flat in Mumbai in syndicate with my friend. It is 68% funds invested by me and 32% by my friend.

Now I would like to know what precautions to be taken now for future. My friend is unmarried thus fine with my son as nominee post both of us.

We want if I die , friend should stay till alive and vice versa and later the property should go to my Son.

Request your advice so as to move ahead accordingly. It is builder flat and can we get loan on the same based on our form 16 .

Follow Query

Report Abuse

Querist : Anonymous (Querist) 03 July 2018
Awaiting response from legal point of view with suggested inputs

P. Venu (Expert) 03 July 2018
Whatever the consensus, your friend is the absolute owner of his rights and interests. He is free to dispose the same at his discretion. After his life, his property left intestate would be inherited by his legal heirs.

Ms.Usha Kapoor (Expert) 04 July 2018
I agree with Venu's opinion.

Querist : Anonymous (Querist) 04 July 2018
Thanks for your response.
If 2 friends purchase a property and 1 is single and other is married. Say if we have to build following clause
1. If single person die the said property will go to married guy and post him his legal heir
2. If married guy die then single guy will have the right to stay till alive on earth. Post both then the property will go to married guys legal heir.
What precautions and process to be taken to ensure the same and avoid any future issues