Co-owner in my husbands house and land
My husband has bought a land and built a house on that land. he has taken a loan for building the house. (Land Purchase loan is closed). and in bank documents my Mother in law is the co-owner of the house. so i want to know the procedure to become the co-Owner of the house and how much is it going to cost. My husband has told me that it will take a sum of 50-60 thousand and the we have to renew our house insurance in next 3 years, so he will put my name as the co-owner and for time being he will make a will for his house and land that if something happens to him, it will come to me. is it the right way to do it. please suggest And I also need help in knowing what if some mishap happens and he has not made any will or power of attorney, who will be the legal owner on the house and land. and as its in Kerala (I am a north Indian) most of the documents are in Malyalam, which i cannot read or write and they are with my inlaws.
Your husband and mother-in-law are the co-owners of this property. Each one of them has a 50% indefeasible share therein. For you to assume co-ownership of this house either your mother-in-law or husband has to relinquish his/her share in your favour. Alternatively, either one of them may make a git deed in your favour, whereupon you will become the co-owner of the property. Stamp duty according to the prevailing market rate will have to be paid at the time of execution of the deed. Another option is for your husband or mother-in-law to make a will in your favour, but the will does not take effect unless after the life time of the maker. If your husband dies without making a will then his widow, children and mother will succeed to the property in equal proportions.
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