owning property and homes in common area
Querist :
Anonymous
(Querist) 20 July 2011
This query is : Resolved
Along with 3 friends, we are planning to buy around half acre and build 4 apartments, one for each of us in two - 2 storeyed blocks.
Later if one of us wants to sell his share in the property and his apartment, what type of paperwork should we generate to cater for this eventuality?
R.Ramachandran
(Expert) 20 July 2011
While the idea is good, an appropriate and properly structured agreement should be in place right at the beginning to take care of all future situations and circumstances. It would be adviseable for you to approach a lawyer and to get the things done.
Querist :
Anonymous
(Querist) 20 July 2011
Thanks very much for the answer.
Could you kindly give me a rough idea of the type of structured agreement that will be needed? Will it need registration with govt authorities?
Thanks
R.Ramachandran
(Expert) 20 July 2011
These things will emerge when you discuss your ideas with the lawyer. As you discuss, with each probing question, you will find that there ought to be an answer and an arrangement to preserve/protect that desired answer. To that extent the words and phrases have to be assigned definitive meaning. Each of the obligations, the consequences of breach etc. etc., have to be incorporated.
That is why I suggested that you should approach a lawyer.
Raj Kumar Makkad
(Expert) 20 July 2011
Nothing to add in the detailed and wise advice of Ramachandran.
Querist :
Anonymous
(Querist) 20 July 2011
Thanks.
Basically the detailed and wise advise is that I should contact a lawyer. While I would certainly do that, all I was trying to find out was an indicative idea of what could be involved and the solutions possible for such paperwork.
You must admit that instead, all the info I have now to show for my query is " I should approach a lawyer"
prabhakar singh
(Expert) 20 July 2011
you seem to be angry needlessly, your very topic is such that needs personal consultation,
any algebric answer may mislead you to commit legal mistake.
Querist :
Anonymous
(Querist) 21 July 2011
I have been reading and re reading my message above to detect any anger and afraid I haven't been able to spot it.
While I have said again and again that I would consult a lawyer, I was only trying to get some "heads up" info algebraic or otherwise from the experts in this forum.Surely to be a little better informed on this issue will not result in legal mistakes as I am proceeding only after consulting my lawyer
I do not see any "wise and detailed advise" in any of the posts.
Please do indicate some of the likely pitfalls in the agreement that I mentioned in my first post.
Thanks
