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How to change the name of nominee in property documents
25-Jun-2023 (In Documentation Law)
my husband and i had bought a property in Agra and made my father in law the nominee of the property. What would be the procedure to change the nominee for this property?
Nominee: The word nominee means a person who holds or acquire right, property or any other kind of liability incurred on behalf of others. Nominee means a trustee. A nominee holds a property on behalf of other legal heirs.
Transfer of shares/of interest on event of death of member to a nominee: It is clearly provided in section 30 of the Maharashtra co-operative societies act, 1960 (Act no. XXIV of 1961 Mah) that, on the death of a member of society, the society shall transfer the share or interest of the deceased member to person or persons nominated in accordance with the rules and byelaws. A nominee comes into picture only on death of the member. The society shall transfer the shares of the deceased member to nominated person.
Whether it is advisable to make a nominee in case of joint ownership of flats? The object behind nomination is to avoid confusion in case there are disputes between the heirs and legal representatives and to obviate the necessity of obtaining legal representation and to avoid uncertainties as to with whom the society should deal to get proper discharge. Nomination does not create a new rule of succession. Therefore, it is highly advisable to make a nomination in case of joint ownership of a flat. In case of a simultaneous death of both the joint owners, the flat is rendered intestate. An appointed nominee and a will (of a joint owner bequeathing his/her ownership in the name of the other joint owner) can go a long way in avoiding unnecessary confusion and ambiguities. In a case where both nomination and Will is prepared, the Will will prevail over the nomination paper.
Procedure to follow for transmission when no nomination is made by the flat owner or when no nominee is ready to accept the membership of the society In such a case, if there is a dispute among the relatives of the deceased, the Society will demand Succession Certificate from the the relatives of the deceased.
Transfer of shares/of interest on event of death of member to a nominee: It is clearly provided in section 30 of the Maharashtra co-operative societies act, 1960 (Act no. XXIV of 1961 Mah) that, on the death of a member of society, the society shall transfer the share or interest of the deceased member to person or persons nominated in accordance with the rules and byelaws. A nominee comes into picture only on death of the member. The society shall transfer the shares of the deceased member to nominated person.
Whether it is advisable to make a nominee in case of joint ownership of flats? The object behind nomination is to avoid confusion in case there are disputes between the heirs and legal representatives and to obviate the necessity of obtaining legal representation and to avoid uncertainties as to with whom the society should deal to get proper discharge. Nomination does not create a new rule of succession. Therefore, it is highly advisable to make a nomination in case of joint ownership of a flat. In case of a simultaneous death of both the joint owners, the flat is rendered intestate. An appointed nominee and a will (of a joint owner bequeathing his/her ownership in the name of the other joint owner) can go a long way in avoiding unnecessary confusion and ambiguities. In a case where both nomination and Will is prepared, the Will will prevail over the nomination paper.
Procedure to follow for transmission when no nomination is made by the flat owner or when no nominee is ready to accept the membership of the society In such a case, if there is a dispute among the relatives of the deceased, the Society will demand Succession Certificate from the the relatives of the deceased.
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Adv. Siddhant Sharma
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Which form is used for changing the nominee?
Documents needed for a nominee change:
Form 3750. Form 3750. Policy contract (for endorsement).
Who is nominee for property after death?
The nominee holds the property on trust for the legal inheritors. In the case of flats or apartments in a housing society or condominium, the role of the nominee is to represent the legal heirs and not to replace the rightful legal successors. 29-Aug-2023
Is a nominee a legal owner?
Declare a nominee as the custodian. A nominee is declared under the investment and assets. Legal heirs are the people who inherit the assets and they are usually mentioned in the will. 12-Oct-2023
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