Kumar Bangalore (Engineer) 02 September 2012

Dividing the property

HI ALL,

Thnx for such a nice forum. My Name is Kumar. Here is my problem

I have my parents, elder brother (married with 1 girl child), I am single, working with IT company.Will get married soon.

We have our own house registered in the name of my mother Geetha. House is approx worth 90 lacs in current market rate. We are buying a Flat near my home for 55 lacs. I am taking home loan for 22 lacs , paying EMI from 6 months and remaining is taken care by my parents. But now property is registered in 2 names, me and my brother. For now we have decided to stay together. But in the future after my marriage I may have to split with my brother. How to divide this property and Flat....wats the best way..

Pls guide me, help me.....how should I ask my mother to make a will. and also plan to take care of my parents medical expenses equally in future...

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2 Replies

Anish Thakur 7018812737 (advocate) 02 September 2012

the second flat you are buying near your home is already registered in both names so you dnt have to worry where there is concerned of home registered in your mothers name ,your mother is free to gift or transfer by will or any other mode to anyone ,if mother wants to give that house to both then ask her to make will in both brothers name and make a calause in the will regarding the care of your mother otherwise his/her share will deems as lapse.fel free to call on advise for drafting the documents

Kumar Bangalore (Engineer) 20 October 2012

Also I have following questions....how can I solve it legally.

Also I have the following points for which my brother, everyone should legally agree at home....to be on safer side...wat can I do for that

1. Since parents have pourned down all their money, who will take care of medical expenses.

2. Ultimately, in that Flat only ne family can stay after I get married

3. Security for parents, as well as my brothers family....

4. Can we divide the entire property , own House + flat into 3 divisions, One division for parents, one for me and family, one more for my brother and family...how can we do that legally

5. Parents say third property division will be given by them those who take care of them

6. My brother has agreed to pay EMI, but no guarantee whether he will.

7. Wat if I want to go to a separate house , Flat after my mariiage if wife s not compatible, wat are the steps I need to take.

8. How division can happen without any hurdles, can we do it now itself....coz things will change after some years after going to FLAT

9. parents have told me to bear the gold cost, car cost for my marriage...atleast 20 to 30%

10. Make sure everyone is secured.