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Rasvish (SW)     06 March 2013

Investing in shared property

Hello Sir/ Madam,

I have concerns regarding a shared Property. We have a indiviual GF constructed and owned by my FIL.He passed away in 1999 and the property is yet to be transfered to my MIL. My husband and his elder brother are her only children. Elder son already owns a apt. Now my husband intends to construct first floor by solely bearing the construction cost .

My MIL wants us to do a proper legal aggrement before startting the construction.Her ideas are:

1) First floor will belong to us.

2)GF rent will go to elder son permanently.

 

I feel , when elder son is not sharing construction, complete first floor will belong to us . And even my husband will have a 50% share in GF too.

What are the best clauses which can be written to avoid future conflicts.Is it sake to invest in shared property?



Learning

 1 Replies

Advocate Rohit (Advocate)     06 March 2013

it is advisable not to construct the first floor with your husband money.since the land would be jointly owned by the elder brother of your husband. In future it might lead to trouble.

 

its better that your husband buy a new plot for constructing the house.

 

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai


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