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Sale of property share in jointly owned property
27-Aug-2023 (In Property Law)
Hello Sir/MadamI am having joint ownership of commercial property in Delhi along with three other owners. All are having 25% ownership. I would like to sell off my property ownership as in need of money. Please advise whether this is possible and what steps are required to be taken?nnThanks!nnRegards,nPiyush
Hi
You have 2 options. (1) you may sell your rights in that property to the other two owners who have a joint ownership - you may give them the first right to buy. (2) you may sell it to a third party. It’s important to see your property docs also.
You have 2 options. (1) you may sell your rights in that property to the other two owners who have a joint ownership - you may give them the first right to buy. (2) you may sell it to a third party. It’s important to see your property docs also.
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Adv. Abhinav Sharma
Delhi | 500+ Answers
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Selling of joint property would not be possible without partition of the same. However you can sell the share to the other Co owner as if it a dwelling house, other co owner should get the choice of purchase. Complete details would be require to advice better. Feel free to contact
Thanks
Thanks
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Adv. Bhawana Pandey
Delhi | 500+ Answers
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A co-owner of a property is capable of selling his/her undivided share in the property provided the purchaser is willing to make a purchase in the said manner. the only other way is to partition a property, either through court or through a partition deed and then affect sale of divided property.
Should you have any questions please feel free to contact me
Should you have any questions please feel free to contact me
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Adv. Kunal Seth
Delhi | 500+ Answers
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If you have 25% ownership then u still need to do demarcation of your share …to specifically sell it. If others do not agree then u need to file suit for partition in this regard..kindly b in touch to understand the legalities…thanks
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Adv. D. Khan
Delhi | 500+ Answers
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