I’ve two brothers and we had been bequeathed an equal share of our mom’s property—a plot of land with a constructing— after her loss of life. I’m in dire want of cash and need to promote my share of the property. But my different brothers will not be permitting me to take action. What choices do I’ve beneath the circumstances?
—Name withheld on request
Based on the info narrated, it’s understood that you simply and your two brothers collectively personal the property which is undivided and that you’re in want of cash and keen to promote your share within the undivided property. You could supply to promote this share to each the brothers collectively or individually;
In case, each the brothers will not be prepared to purchase your undivided curiosity within the property, then you’re legally allowed to switch your undivided proper title and curiosity within the property to a 3rd get together. The purchaser then acquires your share or curiosity and to present impact to the switch, your proper as the vendor to joint possession or different frequent or half enjoyment of the property can also be transferred together with the proper to implement a partition of the identical.
This switch of your curiosity to the customer might be topic to the situations and liabilities affecting on the date of the switch. However, in case the property bought by you is a home utilized by you and your brothers together with their respective relations, then the customer won’t be entitled to joint possession or different frequent or half enjoyment of such a property.
We not too long ago purchased some land with correct documentation. Now, some claimants have come ahead with paperwork to dispute our proper to that land. How do we all know that their paperwork are real? What must be carried out now?
—Name withheld on request
The phrases ‘proper documentation in the query entails carrying out your diligence to acquire the property free from all encumbrances by carrying out searches on the title of land so as to understand who the last owner of the property is.
If there are any encumbrances and/or charges of any third party on the land, it puts to test all the representations being made by the seller. An encumbrance or charge against a property by a party that is not an owner limits the transferability of the asset until it is lifted. From the facts narrated in the query, it is assumed that you have acquired the property by executing a sale deed or any other transfer document which is duly stamped in terms of the applicable state laws and thereafter the transfer documents have been registered with the office of sub-registrar of assurances, which gives legal validity to the transaction.
In the scenario of a rival claim, you may have an option for ‘specific performance of the sale/ contract’ in your favour or within the different to ask for refund of monies on account of the misrepresentation of fabric info and for a declaration that the sale to you was fraudulent.
Aradhana Bhansali is accomplice, Rajani Associates.
Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.
More
Less
Subscribe to Mint Newsletters
* Enter a sound e mail
* Thank you for subscribing to our publication.
First article
