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Shwati   17 March 2024

Joint tenancy

I want to know when buying property in name of wife and husband jointly, whether we can opt for clause of joint tenancy. So that the share devolves to either of us on death. Reason being that we don't have children. His parents and sister with one child are the family members on his side. On my side it is me and my mother.

I dont want legal complications later. Hence would like to know the rules for share of ownership on death of either of us. Property is situated in Pune.



Learning

 4 Replies

T. Kalaiselvan, Advocate (Advocate)     18 March 2024

Joint tenancy is a form of co-ownership in which two or more persons, often husband and wife, own property in equal individual interests. Right of survivorship is the key feature of a joint tenancy. A deceased joint tenant’s interest vests in the surviving joint tenant at the moment of death, without requiring probate administration. The interest vests by reason of the nature of the title and, therefore, is not subject to disposition by the deceased joint tenant’s will.

In joint tenancy, each joint owner has an undivided interest in the entire property. If one joint owner passes away, their interest automatically transfers to the surviving joint owners, and this process continues until only one owner remains.

Therefore if you apprehend any such issues in future, you can purchase the property under joint  tenancy also.

But remember that his share in the property cannot be claimed by anyone after his lifetime except his own class I legal heirs. 

Dr. J C Vashista (Advocate )     18 March 2024

As joint owner you have purchased the property or inducted as "tenant" in the property, since law differ in both situations.

Be clear in your post.

Real Soul.... (LEGAL)     18 March 2024

It will be complicated otherwise , however you can settle the apprehensions by making some documents like will dee, t family settlement  agreement or simply create a trust for the property with beneficiaries.

Suhail suhail (LAWYER)     18 March 2024

Agree with will deed or family settlement agreement 


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