All respected lawyers:
There is a residential property for sale which I am interested to buy for strategic reasons. but it has complications ( or at least seems so, until one of you can clarify that)
- Owner recieved this property as registered unconditional gift deed.
- Property was intitially bought in his wifes name in 2015, later gifted to him in 2017 to avail construction loan.
- He lives in the ame property with his wife and 2 children ( both majors)
- During the sitting he unveiled a fact that he had a first wife, and two children from her. ALL ALIVE and settled.
- He did not divorce the first wife neither can prove any seperation documented. only fact that he is seperated from her for 20+ years.
- He remarried again in 2 years of seperation, since then he is living with second wife.
- IMPORTANTLY: The property is mortgaged with a financial institute ( Not a bank), and is in the verge of getting to securatization.
With the above situation, he is willing to sell the property to clear the debt and find a smaller place to live.
Please with your experties clarify few questions that I have
- Can the first wife or her children claim any share in the property, now or later during the sale proceedings?
- with my research on internet, it was clear that gifted property is treated as self acquired propery, however if the first family sees any possibility to make easy money they may pitch in, thats my worry
- If the property goes for auction, and for the person who buys in the auction, what risk he will have from first family.?
Over all is it safe to get into this deal, either directly or through auction,
