naveen (dd) 28 April 2014

Joint owners one willing to sale other do not

we have a property jointly own by mother (50% share), my real brother (30% share) and myself (20% share). now because of some dispute i am not living in this property. currently only my mother is living in this property and brother lives outstation. the property is on home loan with 50:50 share between myself and my brother. my mother does not have any share in loan.

the problem is my mother and i are willing to sale the property but my brother is not. my queries are:-

1. what are the options between us to sale the property?

2. what if i told bank i am unwilling to pay EMI and bank may take over property?

3. can my mother and i sale over share of property?

kindly provide the suggestions and what legal options i have.

thanks

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1 Replies

ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING) 28 April 2014

Dear Client;

1] What are the options between us to sale the property?

Ans: Intimate your brother on sale, he will get his share of 30% market value. He should agree. If so, take NOC from .him provided he pays his part of outstanding loan. Lender will allow to release mortgage unless loan outstanding is paid.

2] what if i told bank i am unwilling to pay EMI and bank may take over property?

Asn: If bank's 3 consistent EMI are not paid, bank will issue legal notice and proceed with legal Recovery procedure including attachment of flat.

3]can my mother and i sale over share of property?

Ans: Since flat is mortgaged and outstanding loan is repaid and Clearance Certificate of bank(Lender) obtained, none of you can sell your part of share.

4] Suggestion : Best is to arrange for outstanding loan amount by you all the 3, pay it, get mortgaged flat released, then sale it and distribute the share proportionate to your share.

Adv. Jeevan A. Patil