Undivided immovable property sale of share
shyam lal
(Querist) 09 December 2022
This query is : Resolved
In a residential undivided immovable property where one share holder is residing and the other share holders are not residing.
Situation is the the non resident co shareholder's want to sell their shares to a third party. With out the consent of the resident share holder..
Question.. is this sale allowed by law. Secondly can the resident share holder approach the court for stopping the sale.by Co shareholders.
kavksatyanarayana
(Expert) 09 December 2022
Sir, you are an intelligent person, but still, you are asking academic queries and it is an experience for us to improve ourselves. Without the consent of the resident shareholder, the nonresident shareholders cannot sell. They shall divide the property or the resident shareholder may release his share rights over the property in favour of others by taking the amount.
shyam lal
(Querist) 09 December 2022
kavksatyanarayana.(expert) if I was a intelligent person,i would have not asked academic queries never the less your reply is not what was asked.
kavksatyanarayana
(Expert) 10 December 2022
You asked in your query that "the nonresident co-shareholders want to sell their shares to a third party without the consent of the resident shareholder". So my reply is Without the consent of the resident shareholder, the nonresident shareholders cannot sell.
Dr J C Vashista
(Expert) 11 December 2022
Since the property is neither divided nor demarcated and complete property is stated to be in the possession of one of the shareholder (other that vendor) it would not only be difficult but also inappropriate to specify details / boundaries of the share of the vendor, which is to be identified and mentioned in sale deed.
Besides this, which portion of the subject share would be proposed and handed over possession to vendee without demarcation/ identification.
Accordingly share of vendor has be specific before finalisation of deal / sale transaction.
Advocate Bhartesh goyal
(Expert) 11 December 2022
Co-shareholder of undivided property can sell his undivided share to anyone ( buyer ) but can't handover possession of his undivided share of property to buyer till the property is partitiond.
Such sale is perfectly valid in eye of law.
shyam lal
(Querist) 11 December 2022
Very well explained & understood by a layman thank you
...
expert Goyal
kavksatyanarayana
(Expert) 14 December 2022
Thank you sirs..............................................................................
