Property Ownership Rules in India – Determining Owners' Names Need Special Attention
Deciding the name of the property owner can be a complex task. From the discussion below, you can have an insight into the rules governing the inheritance of property in India.
This means that a person has the right to sign
Usually, there is no chance of conflict in a personal ownership transaction. But the owners do not live in the same town may cause trouble. In such cases, a power of attorney may be provided to the trustee to deal with and take a decision on a property-related issue.
Religion may affect personal law, and if it does not, the law will come into force, and counsel will be consulted to understand the merits and demerits of these laws.
Different religions come from different inheritance laws. The Indian Succession Act describes laws relating to Christians, Jews, and Parsees, as the Hindu Inheritance Law describes laws that apply to Buddhists, Jains, and Hinduism. However, according to Muslim law, the owner has the right to give one-third of his property to heirs, and the rest will be further divided according to Muslim law, according to the different factions
In co-ownership, any owner has the right to determine a property, if one of the owners is not, do not need a power of attorney. In the case of death of other owners, the surviving owner becomes the sole owner of the property. Therefore, the survivors ship and safety automatically. Even without a will will not change the joint ownership.
In the case of co-ownership, the signatures of the two owners must be sold or named from the hotel.
If it is a permanent division, such as a divorce, each owner will have equal shares of the property. However, if the property is purchased or established in an owner's investment, then the person may fit in a single case, showing all the details of his or her investment, claiming sole ownership in the court's property
Shared ownership ensures the relevant share of the property in the investment of each owner. So, if two people are investing in the same property, it is a wise decision to own the property. The share of the property may depend on the co-owner's investment. If the percentage of ownership is not specified in the common owner contract, the equal shares are assigned to each owner.
Each co-owner may have a separate joint ownership agreement stating his / her share
This option applies to the cooperative's apartment. The nominee can never be declared a landlord. In the case of the death of the original owner, he or she can not become the owner of the property unless the nominee is referred to as the successor.
In Goa, under Portuguese law, the wife holds 50% of the ownership of her husband's property, and vice versa.