Buying flat on joint ownership

1st thing 1st; 'Buyer Beware' applies to property deals.

It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment. This may cost some FEE but can defend long term interest and hard earned monies.

The same counsel can also update and advise you on other points.

It is believed that you are all Hindu.

Confirm!

Succession or survivorship as posted by you shall be in accordance with provisions of personal law that applies.

In case the father (as in Query) is say; Not Hindu and is say Muslim and want to leave a (valid) WILL then he can dispose upto 1/3rd of estate by WILL. He can dispose 100% of his estate by WILL if all legal heirs ratify the WILL.

In case the father (as in Query) is say; Hindu and want to leave a (valid) WILL and his estate/property is self earned/acquired then he can dispose 100% of his estate by WILL.If his estate/property is not self earned/acquired then he can dispose only upto his share in estate by WILL. WILL for ancestral property may preferably be avoided as the issue may become contentious.

The person that buys property pays for it by the mutually agreed price between seller and buyer and also pays for stamp duty, fees etc etc …… Thus the person that has known source of income to buy an item e.g; immovable property can always back up with proof of source of funds.   This should address your concern that one or both can jointly buy immovable property.. They can buy individually also.

Further a husband/father can buy property in the name of wife, unmarried daughter………………and is provided for in enactments as well e.g;   

THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988  

3.        Prohibition of benami transactions. – (2)       Nothing in subsection (1) shall apply to the purchase of property by any person in the name of his wife or unmarried daughter and it shall be presumed, unless the contrary is proved, that the said property had been purchased for the benefit of the wife or the unmarried daughter.

https://www.lawsindia.com/Advocate%20Library/C025.HTM

THE BENAMI TRANSACTIONS (PROHIBITION)AMENDMENT ACT, 2016 NO. 43 OF 2016;

(9) (b) the property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration, except when the property is held by—

   https://karnatakajudiciary.kar.nic.in/hcklibrary/pdfupdates/BENAMI_TRANSACTIONS_(PROHIBITION).pdf

    

Generically Speaking:  The title holder is owner and has possession.   The reasonable and wise part can be as per individual’s own need, preference, family environment and future needs and perspectives, current financial status, future financial goals ……..So it can be either Individual or joint with anyone else……….   It is always wise to narrate the share of joint owner in agreement/purchase docs/sale deed…………….or it shall be assumed to be as 50% each in case 2 persons are narrated as buyers  in sale deed…even if they have not contributed 50% funds to buy…. Ideally the share in immovable property should be in accordance with investment of each Co-sharer.   In case of death of one Co-owner/sharer if the deceased has not left any valid WILL, the inheritance by legal heirs shall be in accordance with personal laws that apply to deceased  

e.g; In case of deceased being Hindu

In case of Hindu Male; ClassI legal heirs have 1st right for equal share i.e.; Mother (if alive as on date of death), Wife (if alive as on date of death), sons, daughters………..

In case of Hindu Woman; the nature and source of property matters… If the property is self earned/acquired/absolute; Husband (if alive as on date of death), sons, daughters………..have 1st right for equal share.

If the property has devolved from husband; sons, daughters………..have 1st right for equal share... and if they are not available heirs of husband.

If the property has devolved from parents; sons, daughters………..have 1st right for equal share... and if they are not available heirs of father.   

If the father or daughter (that are Co-owner) have signed a valid WILL (preferably registered and WILL being in accordance with provisions of personal law that applies  e.g; a Muslim can dispose 1/3d by WILL……and 100% if all legal have ratified the WILL) wishing to dispose his/her 100% share (say 50% in the property) in favor of other one then WILL can be submitted to be acted upon without any cloud on it  to the O/o Authority under whose jurisdiction property falls. It is mandatory to probate the WILL in areas of Bombay, Calcutta, Madras and it involves IT’s own Time , expenses, lawyer’s Fees, Court fees, charges/duty etc etc  

Registered Settlement deed with life rights can be another and better perspective amongst the many options available to an owner of the property ….. In case the property is under loan/debt/mortgage the concurrence of the lender should be taken before signing any deed that can alienate the title…In case lender does not agree WILL (preferably registered) remains the option..as WILL operated only after death of owner/testator…. If there are Kids i.e. minors in the family….then the property can be purchased in the name of Kids with parent(s) being natural guardian…….and property can be sold per approval of the court later…………..or kids can challenge the sale within 3 years after attaining majority. In case of unfortunate event of death of parent(s) the narration of guardian in documents is advisable to cover such eventuality. In case the property is with say; Co-OP housing Society ….the option of Nomination can be exercised…………….in favor of kids..   If NO will is left by owner succession shall set in and legal heirs shall get the share..

All and said done it is personal preference. Some family have values and live by values and are still united like nail with flesh………….and elders of the family are properly informed also to defend the interest of the family and coming generations… In today’s materialistic world when a person is not sure what can happen in a family it is better to buy in oneself name if one alone is paying for the purchase and enjoy the property in one’s life time and leave it for deserving legal heir(s)  or anyone else as deemed fit…by the owner. 

Hope you are satisfied.