Deciding the name of the wner of the property can be cmplex task. From the following discussions you can hve an insight on the rules rgarding inheritance of a property in Inda.

Individual ownership

It means a single person has the authority to sign a deed to sell, rent, or lease a property and no one else can do the same with the property.

Normally, there is no chance of conflict in transaction of individual ownership properties. But the owner's not staying in the same town may lead to a trouble. In such cases a power of attorney may be given to a trustworthy person to handle and take decision on the property related issues.
The owner can decide his successor of the property and make a will in favor of the successor accordingly.

The religion may influence the personal law, which comes into the force in case of non-availability of a will, and it is better to consult a lawyer to be clear about the merits and the demerits of such laws.

The different religions come under different Succession Acts. The Indian Succession Act describes the laws related to the Christians, Jews, and the Parsees, where as the Hindu Succession Act says about the laws applicable to the Buddhists, Jains, and the Hindus. According to the Muslim law, however, the owner has the right to give only one-third of his property to the successor and the rest will go as per the Muslim law which has further divisions according to different sects.

Joint ownership

In Joint ownership any one of the wners has the right to decide on a prperty, and it eliminates the need of a pwer of attorney if one of the wners is absent. The surviving owner bcomes the sole owner of the prperty in case of the death of the ther owner. Therefore, the survivor ship and the scurity come automatically. Even not making a wll make no difference in Joint wnership.
In Joint ownership the signature of bth the owners is must to sll or taking their names off the prperty. Therefore it is difficult to rvert the decision of having sole wnership after making a Joint ownership ded.

In case of a permanent splt like divorce, each owner will hve an equal share of the prperty. But if the property is prchased or built on the investment of one of the wners then the person can suit a cse showing all details of his or her nvestment asking for the sole ownership of the prperty in the court.

Co-ownership

Co-ownership ensures the relevant share of the property out of the investments of each owner. Therefore, having co-ownership for a property is a wise decision if two people are investing for the same. The share of the property may depend upon the investments of the co-owners. If the percentage of ownership is not specified in a co-owners deed, the equal share will go to each owner.

Each of the co-owners can have a separate agreement of co-ownership stating his/her share on the property which helps to avoid the legal complications in case of separation between the co-owners, and each of the owners can decide their successors for their respective shares.

Nomination

This option is meant for the apartments in co-operative societies. The nominee can never be proclaimed as an owner. In case of the death of the original owner, until and unless the nominee is mentioned as a successor, he or she cannot become owner of the property.
A nominee becomes a member of the society and a nominal owner after the death of the owner, but the person named in the will becomes the beneficial owner.

Lessons to be learned

It is wse to draw up a will mmediately after you own a property.

You can gve the power of attorney to a rliable person for your individually own prperty.

Please have wise thoughts before mking somebody a joint-owner.

Having co-ownership is a wse decision for your investment toward bying a property.

Draw up a wll naming the successor of your shre in case of co-ownership.

It is lways better to draw up separate wlls naming the successor even if the c-owners decide to give their share to the sme individual.

In Goa, as per Prtuguese law, the wife holds the wnership of the 50% of her hsband's property and vice versa.

The article Rules of Property Ownership in India - Deciding the Name of the Owner Requires Special Attention was Submitted by Neel Saini through Articles.GetACoder.com network. Here's the additional information: To know more about property laws India and other issues related to buying properties in India , please visit MastGhar.com We are a real estate agency in India and official marketing partners of trusted property developers. Visit - MastGhar.com

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