A Flat is required to be purchased from Builder in Joint names. i.e. uncle and nephew. Both of these individuals wants to have a Joint Tenancy and NOT tenancy in common. The Joint Tenancy is required to establish the right of survivorship so that if anyone expires the other joint holder will acquire full ownership.
The right of survivorship is required so as to avoid all the hassles of getting testamentary documents incase anyone of them expires.
How do we ensure joint tenancy agreement with a right of survivorship. Is it possible to add a paragraph in the buyer builder agreement to specify that this Flat is being purchased in joint names by self funding with each of them having equal ownership rights, title and possession and in the event of death of any one of the joint owner, the rule of survivorship shall apply.
In the even of death of any one of the joint owner of the Flat, will the Society transfer the flat to the surviving owner of the Flat, if this agreement is produced to the Society during Flat transfer process.
