Need to add partner to existing property
rc
(Querist) 19 October 2012
This query is : Resolved
Hi
I have house constructed at banglore with 2 floors , i need to add one of my friend as co-owner /partner to this house,Is this possible with co-owner?.How can we proceede in this
Thanks
RC
Anirudh
(Expert) 19 October 2012
Dear RC,
Please clarify the following:
1. Why do you want to make your friend a co-owner?
2. Whether your friend will be paying any consideration to you? Otherwise what is the purpose?
rc
(Querist) 19 October 2012
Hi Anirudh
Yes he will pay some amount to me.
Do we have option to make as partner to in property
Rajeev Kumar
(Expert) 19 October 2012
Well you can insert him as co-owner of your property but it should be kept in mind that after becoming a co-owner your friend will be entitled an equal share in land together with the both floor share and there are more chances of turning your friendship into enimity more probably your good relationship will turn into bitterness and sour. It is advisable to avoid such partnership. Now it is upon you what you do
rc
(Querist) 19 October 2012
Thank you Rajiv, and also for the inputs on Consequences
After becoming co-owners can we approach for the bank to get loan together or we have to individually?
