Joint ownership of immovable property
Tom
(Querist) 07 September 2016
This query is : Resolved
Dear Experts,Self & Wife are purchasing a Flat as co-owners with equal share and as co-borrowers of bank loan. Should there be any specific wordings in the sale deed which will ensure Joint Tenancy and Survivorship for us with out any doubts ? Or simply mentioning our names as buyer 1. and buyer 2. is good enough ?
binay
(Expert) 07 September 2016
No need of special provision, its enough to be mentioned as a buyer
Shashikant V. Patil
(Expert) 07 September 2016
Husband and wife will be buyer no. 1 & 2 or vice versa of said one and common flat. Nothing else.
Kumar Doab
(Expert) 07 September 2016
If you wish you can add say; 50% each.
The Flat might be in Co-OP housing Society that may have provision of 'Nomination'.
It is better to nominate, as nominee can deal with administrative requirement, if any, as per situation, under prevailing rules.
Nomination may not be necessarily parallel route to succession.
Succession is as per personal law that applies to deceased owner.
Thus legal heirs can be successors.
Valid WILL can prevail upon succession.
Your able counsel can help you further.
Rajendra K Goyal
(Expert) 07 September 2016
You can mention % of share of each and / or mention otherwise as you want.
Tom
(Querist) 07 September 2016
@ Expert Kumar Doab Sir ! It is a free hold flat and not a co-op society.Do we need to mention 'Joint Tenacy' and 'Survivorship' terms in the document ? Are such terms usually used in deeds in our country ?
kavksatyanarayana
(Expert) 07 September 2016
the experts already answered you. however you mention each percentage if you wish. otherwise if you both are mentioned as buyer 1 and buyer 2 you both will have equal rights over the property.
Rajendra K Goyal
(Expert) 08 September 2016
survivorship need not mention in the sale document. In case of need will can be executed.
Better show all documents to your lawyer and discuss.
Kumar Doab
(Expert) 08 September 2016
You have been replied from various stances.
You may proceed as suitable to you.
Kumar Doab
(Expert) 08 September 2016
Your able counsel can help you further.
Raj Kumar Makkad
(Expert) 08 September 2016
Better to mention buyers in equal share. It is understood who shall be legal heirs in case of such eventuality.
Dr J C Vashista
(Expert) 10 September 2016
Well advised by experts, I agree, nothing more to add.
