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PRK (Engineer)     08 February 2011

Transfer of property in case of joint holders

 

We are planning to buy a new flat in Mumbai.  We want the flat to be name of my father (as first holder), my mother (as second holder) and myself (as third holder). The amount would be invested by each of us in equal proportion. We want the arrangement in such a way that, in case of death of my father, his share should be given to my mother. In case of death of my mother, her share should be given to my father (if he is alive). In case of death of both my parents, their share of flat should be in my name. We want to have these arrangement at the time of buying a flat so that it cannot be changed later on (by way of nomination or will). Is it possible do so? and how?



Learning

 8 Replies

V. VASUDEVAN (LEGAL COUNSEL)     09 February 2011

The names can be registered in such order 1st name father, 2nd name mother and 3rd name yourself.

On death of any of the holders the property would be devolved in favour of the other two surviving holders. Also have the separate family agreement about the intention of sharing and rights. A nomination cannot be made by a single holder in a joint property and hence the doucment would suffice.

SACHIN AGARWAL (ADVOCATE)     10 February 2011

The names can be registered as per your likings but there cannot be any nomination.

However, you can prepare a settlement between your father, mother and yourself to the effect that the property shall succeed in such a way as you like. 

PRK (Engineer)     11 February 2011

Mr. Vasudevan & Mr. Agarwal,

Thanks a lot for sparing some time and responding to my query.

1. The property would be in three name (joint holders) however, there should not be any nominee? Is that correct? 

2. If I have a family agreement, does it or can it be registered to with some govt. authority?

3. Can the 'Will' made by first and second holder have any impact on the agreement or transferring the property to the third holder in the event of death of first two holders?

4. Can this arrangement be challanged legally? (Any loop holes etc.)

Please advise.

Thanks, PRK.

Adv. K.S.A.Narasimha Rao (legalquestadvisor@gmail.com )     11 February 2011

Dear PRK,

There cannot be Nomination facility while getting execution of Sale Deed in their favour. The shares of each individual can be specified in the joint share holding, however, on the death of such share holder, his legal heirs will automatically step into the shoes of such share holder.

In the event of such share holder executes any Will Deed or any other document with the consent of remaining two share holders, then such beneficiary will get the title to the property.

If any other document executed i.e. within or outside family also, the document shall be registered, only in case of only Will Deed registration is not compulsory.

The above points are self explanatory for your querries.

PRABHAKAR G DHANTAL (OWNER)     15 February 2011

Sir,
Our mother expired leaving behind one sister ( Eldest amongst us, age 51 & married ) and we three brothers along with our FATHER, AGE 74.
Our father had bought immoveable property/S in our mother's name. Can this/these PROPERTY/S be transfered on to our father's name ? Please suggest.

Priyanka (v ;a;mv)     14 December 2011

Hi all,

I have a query. one of friend had bought a property in joint name of his and his mother,  in which he invested 80% of the Amount and his mother invested 20% of the Amount. Now the thing is , if my friend wants to transfer the property in single name, would it possible for him to do. Will the society allow this transfer?

pls advice urgently.

KRISHNA RAJU PADUBIDRE   18 September 2018

Dear Sir, 

We have property in bangalore, registered in my name as Primary Holder and my father as Joint Holder. I would require some clarificatio on the same : - (1) want to transfer the property under my name as primary holder (with no joint holder). (2) while selling the property, will have any implcations.

KRISHNA RAJU PADUBIDRE   21 September 2018

Dear Sirs, can u please advise


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