Ownership property

hiten (Querist) 19 March 2012 This query is : Resolved
sir i have certain query which are as follows.
1)i am planning to buy a property in a building which is owned by a landlord but is selling the flat to us on co-ownership basis ,kindly let me know the pro and cons of buying an co-ownership property as against buying in a society and which clause have to be mentioned so that no transfer fees or consent of the landlord is required to transfer it at a later date.
2)the landlord wants us to sign the concent letter for redevelopment along whith the co-ownership agreement but he hassent negosiated all the points and the floor plan / elevation of the building is not ready nor there is any clearity on the time period in which he will commence the project as he hasent even obtained the concent from the other tenants and neither applied to local authorities for approvals,so if the concent letter is signed will it be time bound or will it remain for indefinate period and can the consent letter be revoked at a later date

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Raj Kumar Makkad (Expert) 20 March 2012
You have not mentioned who shall be co-owner with you? If another flat owner shall be with you then it may create various problems for either of those two as none shall be free from each other. There shall also be a problem of mortgaging the property in future if need arise so.

2. You should provide your consent after fully satisfying with all the aspects of the agreement otherwise you shall have to repent in future.

Deepak Nair (Expert) 20 March 2012
Is the coownership with the landlord himself? If yes them you should consult a lawyer to draft an agreement to that effect.

Guest (Expert) 20 March 2012
First check the terms & conditions of agreement offered by him.

ESTHERPRIYA (Expert) 21 March 2012
Get the help of an local property advocate to conclude the transaction.

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