My father and my mother hold a flat in a cooperative society in Mumbai. My mother passed away a year back. Now my father is in the process of transferring the property to his name.
We are four siblings. Is it advisable for my father to add any one of our names as joint holder to the property or should he elect that sibling as a nominee instead? By adding sibling name on the property, will it create complications for the other siblings whose names are not added on the property, to claim their share just in case the sibling whose name is added on the property turns out to be dishonest? My father would like that the proceeds from the sale be divided between all the four siblings.
Also we are trying to avoid any frivilious third party claims (such as creditors, if any) that may turn up from anywhere, when my father is alive or even when he is no more. Would adding a sibling name to the property be better or making the sibling a nominee?
This forum has very learned advocates and seek your valuable advice.
