Determining the name of the property owner is a complicated task. From the discussion below you can gain insight about the rules on property inheritance in India.
Personal property rights
This means that one person has the authority to sign an act of selling, renting or leasing real estate and no one can do this with that property.
Normally, there is no possibility of conflict in individual ownership transactions. However, owners who do not live in the same town may have trouble. In such a case, you can give a power of attorney to a trustworthy person in order to process and determine property related issues.
The owner can decide the successor of the property and express his intention to support the successor accordingly.
Religion may affect personal laws. Personal law will be effective in case of unknown. Please consult with a lawyer and clarify the strengths and drawbacks of such law.
Different religions are based on different inheritance laws. The Indian Succession Act describes the laws concerning Christians, Jews, and Parsees, as the Hindu Legislation describes the law applicable to Buddhists, Jains, and Hindus. But according to Muslim law the owner has the right to give only one third of his property to the successor and the rest follow Islamic law which further divides based on different sects.
Joint ownership
With joint ownership, either owner has the right to determine property, and if one of the owners is absent, there is no need for a power of attorney. A living owner will be the owner if another owner dies. Therefore, live ships and security come automatically. Even if you do not make a, there is no difference in joint ownership.
In co-ownership, the signatures of both owners need to sell the property or remove its name from property. Therefore, after exercising joint ownership it is difficult to undo the decision to have exclusive rights.
In the case of a permanent division such as a conflict, each owner has an equal share of real estate. However, if real estate is purchased or built by owners investment, that person may fit in the case showing all details of the investment seeking the sole ownership of real estate in the court.
Joint ownership
Joint ownership ensures relevant interests of property from investment of each owner. Therefore, if two people are investing in the same way, joint ownership of property is a wise decision. The interests of real estate may depend on the investment of the co-owner. If the ownership percentage is not specified by the act of the co-owner, the equivalent proportion is attributed to each owner.
Each co-owner can have a separate consensus of joint ownership that prescribes the sharing of possessions that will help to avoid legal complications in case of separation between co-owner, You can decide the successor. Their relative stocks.
name
This option is for cooperative apartments. Nominee can never be declared as an owner. If the original owner dies, it can not become its owner until nominated as a successor, or if not named.
The holder becomes a member of society and becomes the nominal owner after the owner dies, but the owner becomes a valuable owner.
Lessons to learn
It is prudent to create a will in the property right after ownership.
You can grant a lawyer the authority to trust people for personal property.
Before you make someone a co-owner, please have a wise idea.
Having co-ownership is a prudent decision on investment to purchase real estate.
In the case of joint ownership, we will indicate the intention to appoint a successor to your stock.
Even if the co-owner decides to transfer shares to the same person, it is always better to draw a different will with a successor's name.
In Goa state, according to Portugal law, my wife has 50% of her husband's property, and vice versa.
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