A flat was purchased by Mr. X decades ago. Mrs. X, Mr. Y & Mr. Z, their 2 sons were the joint nominees.
Mr. X, Mrs. X, Mr. Z, Mrs. Z and their daughter used to stay in that house. When Mr. X died, Mrs. X became the sole owner and Mr. Y and Mr. Z were again joint nominees. Now Mr. Y is in need of money and asked Mr. Z to give him 45-50 lac rupees. The current value of the flat must be around 80 lac rupees. So Mr. Z was willing to give Mr. Y 50% of the value of the house as a consideration to renounce his right as a joint nominee and wanted to become the sole nominee of the flat.
Question: 1. Is this reasonable/valid?
2. Can this be done during the lifetime of Mrs. X ( she remaining the owner and Mr. Z becoming the sole nominee)?
3. What is the detailed procedure? eg. getting the valuation done from a Goverment valuer (so how to contact, etc), what sort of an agreement to enter into? Can anyone suggest a draft agreement?
4. On Mrs. X's demise, will this be again divided among the 2 brothers or will only the remaining property and assets be divded?
5. What could be the possible issues?
