Shares in husband's flat after his death.
Husband, sole owner of flat holding total 5 shares died intestate. Can his wife hold 99 % and son 1 % proportions of total 5 shares in flat in co-op housing society by making agreement?
As hurban died intestate first requirement is to acquire letters of administration from the Bombay high court so as to get the right to administer the property of the deceased in accordance with law. After obtaining letters of administration, the administrator can deal with the property subject to succession act and other laws. In sociery the wife and son can apply for joint membership with the no objection from other legal heirs if any. Also making an agreement for release of share of son does not arise now as the mother can act as a natural guardian if the son is minor....If he is major a family settlement deed can be executed..
Advocate Riddhi ShahBorivali East, Mumbai
Share is an asset. Ultimately to be viewed by its convertible price. There is no restriction which the law poses for individuals to determine division of there assets by agreement. Irrespective of the rules that the society may have prohibiting division of a share in to fragments, these mother and son can determine their rights in those shares by an agreement, whether the society approves it or not.
Advocate Prasad Arvind AbhyankarAmravati Road, Nagpur
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