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Deciding the name of the wner of the property can be c mplex task. From the following discussions you can h ve an insight on the rules r garding inheritance of a property in Ind a. 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 pr perty, and it eliminates the need of a p wer of attorney if one of the wners is absent. The surviving owner b comes the sole owner of the pr perty in case of the death of the ther owner. Therefore, the survivor ship and the s curity come automatically. Even not making a w ll make no difference in Joint wnership. In Joint ownership the signature of b th the owners is must to s ll or taking their names off the pr perty. Therefore it is difficult to r vert the decision of having sole wnership after making a Joint ownership d ed. In case of a permanent spl t like divorce, each owner will h ve an equal share of the pr perty. But if the property is p rchased or built on the investment of one of the wners then the person can suit a c se showing all details of his or her nvestment asking for the sole ownership of the pr perty 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 w se to draw up a will mmediately after you own a property. You can g ve the power of attorney to a r liable person for your individually own pr perty. Please have wise thoughts before m king somebody a joint-owner. Having co-ownership is a w se decision for your investment toward b ying a property. Draw up a w ll naming the successor of your sh re in case of co-ownership. It is lways better to draw up separate w lls naming the successor even if the c -owners decide to give their share to the s me individual. In Goa, as per P rtuguese law, the wife holds the wnership of the 50% of her h sband'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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