Which legal instrument should be used?
AMITS
(Querist) 29 April 2014
This query is : Resolved
WE ARE 4 BROTHERS,I AM 2 FROM ELDEST,34 YRS BACK WE JOINTLY PURCHASED A PLOT FOR 1 LAKH RUPEES WHICH WE RECEIVED AFTER SELLING OUR ANCESTRAL PROPERTY,ALL OF US WERE HAVING EQUAL SHARE, AND SINCE ALL OF US WERE IN GOVT JOBS, WE DECIDED TO TAKE THAT PLOT IN NAME OF OUR ELDEST BROTHER'S SON,HE WAS AROUND 9 YEAR OLD THEN,OTHER BROTHER OF MINE SIGNED IN HIS NAME, IT WAS MUTUALLY AGREED THAT WE WILL SELL IT AS AND MUTUALLY REQUIRED BY ALL, BUT NOW,3 OF US WANT TO SELL IT AND THE MY ELDEST BROTHER AND HIS SON ARE TRYING TO FIND EXCUSE EVERY TIME WE TRY TO SELL THE PLOT OR TALK TO ANY BUYER,ARGUING THAT WE SHOULD WAIT FOR RIGHT TIME TO SELL THE PLOT,ETC. NOW HOW CAN ALL OF US ENSURE THAT OUR RIGHTS IN SAID PLOT IS WELL PROTECTED,AS IT WAS A SORT OF BENAAMI PROPERTY ? CAN WE TAKE AN AFFIDAVIT BY MY NEPHEW THAT WE ALL TOO HAVE A LEGAL SHARE IN SALES PROCEED AND OWNERSHIP OF THE PLOT(IT WORTH CRORES OF RUPEES,NOW)WHAT LEGAL INSTRUMENTS WOULD FULLFILL THE PURPOSE! KINDLY SUGGEST, I WOULD BE HIGHLY OBLIDGE FOR THE SAME!
REGARDS!
(WE ALL ARE ABOVE 65 NOW)
ajay sethi
(Expert) 29 April 2014
you made the biggest mistake by buying property in name of nephew . if now he refuses to give 3 brothers a share you have long legal battle ahead . he can execute gift deed in favour of 3 brothers for property . have it duly stamped and regd
Rajendra K Goyal
(Expert) 29 April 2014
The property is in the name of nephew and any other has no right in it legally.
If the nephew agree he can gift a portion of it to his uncles as per initial understanding.
Moral persuasion is the only way.
