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Apoorva V   29 January 2016

Joint registration- implications

Hi,

My husband is planning on buying a apartment. And my in laws are contributing 20% for the down payment, where as my husband is taking the loan for the rest which will be paid through monthly installments. Thiers’s is a family of four, parents and two children(my husband and her sister). What my concern is,

1)     property in my mother in law's name will be converted to ancestral property and if that share will go to my sister in law?

      a)If yes, how do we prevent it by and what will be different ways of doing it.

2)We were planning a clause in the registration that the property in her share cannot be transferred or sold after her death, will this is possible.

If there is any other way of doing this, please suggest.

 



Learning

 4 Replies

Adv Akhtar Ali Sheikh (Property Law Consultant)     29 January 2016

Define the share of each in the purchase deed and register it. After the death of one co-owner, his / her legal heirs will be entitled only from the defined shares. In other words your parents in-laws would have 20% between them and your husband the balance 80%.

At the death of each parent his/her daughter would be able to inherit from his/her share. (In fact your husband too would be entitled from their respective shares)

Santosh Kumar Tiwari (advocate)     30 January 2016

Rsptd Mam, It is better to purchase a property in your husband's name and mortgage the same property before the bank to get the loan. by this way you can avoid the family problem as well as the loan issue.

Apoorva V   30 January 2016

Adv Aktar: From what we could find out is that the tenancy of common is not applicable to Hindu people, i.e it doesn't let the property be divided in different percentage. Please correct me if this is not the case. Santosh: Bank only gives 80% percent loan, that is the reason they're helping out with the down payment.

mark jake   01 February 2016

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