My father owns a house built by himself. However, he wants to sell it and purchase a new flat in the same city due to problems in the area and to have flexibility of movement in staying with me, as I am working far away in another state.
We have planned to purchase the new flat in the joint name of my father and myself (I assume this is called 50:50 share). For this he will be contributing from his savings and about 60-70% will be managed by me (with my wife and my father as co-applicant) in the form of loan from HDFC. Myself and my wife will be serving the loan. Later, once my father shifts to theflat, he will sell the old house and prepay the part of loan taken by me depending upon the sale price.
I have a married sister who is residing with my paraents and is having a divorce case filed in the court.
Now my queries are as below.
(i) Is the arrangement of maney for purchase is legally ok?
(ii) even though the loan will be served by me; my father, as a coapplicant will pre pay the part laon. Is it possible?
(iii) In case of unfortunate death of any of us (God forgive me), what will be the ownership rights of new flat?
(iv) Will my sister's husband have any right on this (I feel sister will have her share as the original property belonged to my father)? I want safeguard the property in such a way that it does not fall in sister's husband, though my sister can have her share.
(v) What are the other legal formalities which are to be completed?
Thanks.
IT IS URGENT PLEASE.
