Property purchase from a partner

Generally a partnership can be dissolved if all partners agree to the decision, or in the following circumstances:

• It has become illegal (for example, if a partner can no longer legally own a business).
• A partner gives written notice to the other partners.
• A court order requires the partnership to end.
• The life of the partnership has expired.
• Any partner dies or becomes bankrupt.

Mr. Jitendra,

                           Do understand that it is always important and necessary to register a Partnership deed, which clearly states the liabality etc and all other transactional/commercial responsibilities of all partners. In your case the other 2partners and Legal heirs of the Deceased partner can effect a release deed in your name. you will need to register the Partnership deed. A registered deed has many more advantages.