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Safeguarding parents interest in my property for which they contribute
11-Aug-2023 (In Property Law)
I am buying a property where I am borrowing some money from my parents, I cannot include them as owners in property while registration (due to some family constraints), but I want to safeguard their interest, so that they will have some kind of proof if I am not there in future and they can claim at least some part of property. Is there any legal way to do that, apart from including their name as owners in registration. Religion: Hindu
Respected Client
As per your query you purchased some property and received some contribution from your parents and you don't want to give wonership of that property to your parents still you with that if you not alive that time your parents have to receive some portion of that property. You can register a gift deed in favour of your parents as per your desired portion which you want to give.
Don't try to hide and show things while these transaction you will be I'm trouble.
Helpful?
15+
15+
This is my response to you:
1. You can make a Will in their favour;
2. You can also make a POA to one of your parent;
3. Also makes provision in the above agreements about one person pre-deceasing the other;
4. You can consult a local lawyer and draft the deeds/agreements in that fashion.
Helpful?
24+
24+
Adv. Gowaal Padavi
Mumbai | 1000+ Answers
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