Hello respected lawyers
I am 30 yr old married young IT professional (no kids yet) looking to buy my Parent’s house which is currently registered under my Mom’s name. My father had borrowed money from several places and to repay his own debts, he is selling the house. So I volunteered to buy this property now ,from my parents for the current market value (65 lakhs), so that I can let my parents stay in the same house till they pass away. So in this regard I have two questions.
1) Are there any issues that I should be concerned about before I proceed to buy this house? If I buy this house today and get it transferred to my name, in future if my father continues to get more debts, then the future debt lenders might come after this house and will it be a problem if some credit giver approaches court?
2) We are 3 children. My elder brother who is mentally handicapped, myself and a married younger sister. If my brother gets married, do you think in future I will have trouble from his wife and kids claiming for a stake in this house?
If I proceed to buy this house, I am planning to get it registered on my name and my wife’s name. If there are any concerns, would it be advisable to get it registered on my wife’s name alone? Or is it risky to buy my house?
Please advice so that I can plan accordingly. If it involves risk, then I would rather buy some other house (let my father sell his own house to some outside party) and arrange for my parents some other house.
Thanks,
Jolly
