Siddhi 31 March 2023

ASSIGNING OF SHARE IN PROPERTY.

I am co owner and also 1out of 3 administrator appointed by High Court at Mumbai.

I have 20% share in the two ownership flats and other legal heir are not agreeing to pay me at market rate towards my share.

Can I assign my share to a third party who is willing to buy it as property is very very prime at walking distance from Santa Cruz W Station.

TIA.

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Quick Summary

As a co-owner and administrator with a 20% share in jointly owned flats, you're facing issues with other heirs agreeing to buy your share at market rate. While selling your share directly to a third party without clear demarcation might be problematic and could lead to legal injunctions, the recommended approach is to file a suit for partition. This legal process will formally divide your share of the property, allowing you to then independently sell, rent, or gift your portion as you wish, especially given the property's prime location.

3 Replies

T. Kalaiselvan, Advocate (Advocate) 31 March 2023

It may not be possible to let your own share in the property on lease or sell it without identifying your share.

Your coshareholders may obtain a permanent injunction against you.

Hence you may approach court with a suit for parition, get your share of property divided with proper demarcation, get it mutated to your name properly and then sell your share of property to an outsider if there is no consensus is arrived among the shareholders.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 31 March 2023

After the division through the partition deed as per court order, each member becomes the independent owner of his share in the property and is legally free to sell, rent or gift his asset, according to his wishes.