If your lawyer has established that you are a “common tenant” with your co-owner, you can “sever” and become a “common tenant.” We explain the difference here in more detail. In short, the latter is a status that allows you to own a single share. Your co-ownership agreement must specify who the co-owners are and how they own the property. The co-owners may hold the property as a “common tenant” or “common tenant.” The common tenants own several properties and each owner can discard the property after permission. Tenants each have an undivided share of the property and often enjoy a right of survival. Landlords who hold property as tenants with a survival right automatically absorb the undivided interest of a co-owner when she dies. Just to clarify that it doesn`t matter to be a First Party or a Second Party in sales status. It depends on % of ownership that should be mentioned as a separate clause. There is an illusion that the First Part is superior/has more rights in the agreement than the 🙂 Part Two. Builders have also misled potential buyers in this regard. It defines how the property is owned, how the maintenance is paid for and carried out, and how the owners are allowed to sell their share. In one of the most recent applications, a father and son purchased a property for 50L in Pune as co-owners. The father grouped his share of 25L of the body retreat.
On the other hand, Son used 25L home loans to pool his contribution. As expected, the bank closed the father as a co-plaintiff and told him that this is only a formality. Unfortunately, the son lost his job and stopped paying EMI. The father felt that his son had no home credit liability, as his son had benefited from a home loan. That is not a good understanding. A co-lender has the same responsibility in repaying a home loan. Again, banks confuse borrowers with terms such as primary and secondary borrowers. Perhaps the most important question to decide in advance is how co-buyers will actually take the title – as tenants by the whole, common tenants or common tenants. As a couple, you can only accept the title of tenant. The seller must deliver the deed to the buyer so that the buyer can acquire the property. The deed describes the parties, the property, the purchase price and whether the property has special guarantees or conditions.
Another great point of disagreement for a co-owner. One of my clients, Neelam Sawant, bought a joint property with his sister in Thane for investment purposes. The two received the sum of X as part of the inheritance and, instead of dividing among themselves, they decided to buy common goods. At the time of the purchase, the two sisters were in Pune. They received a rent of Rs 30,000 per month and were evenly distributed. It turns out that Neelam`s brother-in-law got a job in Mumbai. Neelam`s sister began to stay in Thane. In such cases, it is advisable to include in the sale file a clause that the real estate is sold in the event of a default of home loans, i.e.
it is difficult to repay the mortgage. From the proceeds of the sale, the real estate credit is first billed and actual proof is divided into fixed %, as agreed at the time of purchase. Under UK law, the registration of the property does not cover the shares in which the property is held. So if you own 60% and I own 40%, we have to save it in another document like this. If we do not, the legislation will assume that we have it in the same proportions as we contributed to the purchase price, which may not be the same as we agree.