Housing rights of property in livin relationship

Purva (Querist) 15 April 2017 This query is : Resolved
Hello myself Purva. M divorced n into a livin relationship with a married man. We are looking for purchase a house for ourself where we could settle. Our concern would b making it secure for myself. 1. Loan would b in his name as my ITR is not tht strong therefore is it possible loan to b in his name n agreement in my name if not then who would b 1st owner n second owner. Does 1st n 2nd owner possess equal rights. 2. Can he transfer the property of his share to my name immediately after agreement as we are intending to keep it on my name solely. If not how could b this workout. 3. Same house would b mortaged against loan incase in future if he fails to repay the loan how could this property b made secured. Kindly help

Follow Query

Report Abuse

Purva (Querist) 15 April 2017
Also he is ready to give power of attorney for the above mention property how will tht help? Please guide

Ms.Usha Kapoor (Expert) 16 April 2017
AT THE TIME OF ENTERING INTO LIVE IN relationship YOU BOTH ENTER INTO written agreement governing mutual rights and liBILITIES OF PROPERTY.

Purva (Querist) 16 April 2017
Mam we haven't entered into any written agreement for live in relation nor he is interested to do so

Guest (Expert) 16 April 2017
Already you are in Trouble having an Illegal Affair with Married Man and if the Property is going to be in his Name Simply Forget that Property and Legally you could have No Hold and Sorry to Say you are an Illegal Person in his Life.

Purva (Querist) 16 April 2017
We are going in partnership deed n I would b named as nominee for the property.. property would b name of our both then kindly consider this

Kumar Doab (Expert) 16 April 2017
If property is bought on names of two buyers and sale deed describes it then both should be equal owner.

At the most narration may mention 50% share of each.

Nomination in property (say Housing Society) is not parallel route to succession.

Kumar Doab (Expert) 16 April 2017
Rest the comments on relation with a married man have already been made.

Rajendra K Goyal (Expert) 16 April 2017
You said:

1. Loan would b in his name as my ITR is not tht strong therefore is it possible loan to b in his name n agreement in my name.

Reply:

bank would give loan to person in whose name the property is. If you are referring sale agreement, it would be in his name.

You asked:

if not then who would b 1st owner n second owner.

Reply:

If Property is in his name, he would be sole owner, if it is in joint name both would be owner to the extent mentioned in sale deed and if no such term exist both would have equal share.

You asked:

Does 1st n 2nd owner possess equal rights.

Reply:

If specifically no share is mentioned in purchase document.

Rajendra K Goyal (Expert) 16 April 2017
You asked:

2. Can he transfer the property of his share to my name immediately after agreement as we are intending to keep it on my name solely.
Reply:

He can validly transfer after clearing Bank loan.

You asked:

If not how could b this workout.

Reply:
Clear the Bank loan and proceed.

Rajendra K Goyal (Expert) 16 April 2017
You asked:
3. Same house would b mortaged against loan incase in future if he fails to repay the loan how could this property b made secured.

Reply:

If loan is not paid Bank may proceed to dispose off the security with it.

Kumar Doab (Expert) 17 April 2017
The posts in the thread are sincere and hope you won't err by taking wrong decisions.

Wish you the best.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries