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Share co-owner when diff. consideration paid by purchasers
26-Jul-2023 (In Property Law)
Co-owners share.. Four people A,B,C,D purchased 60 acre land for rs. 6000 in 1957. In sale deed A, B, C and D paid ra 3000,600,1200, and 1200. Now ABCD are on possession of 30,6,12,and 12 acres. But B started agitation that value of consideration at the time is not. important , so claims that everyone should have S equal share I. E. 15 acres each. Hence I wants ruling or case laws where co-owners share decided by value of consider paid and mentioned in sale deed and paid at the time of purchase. Pl note that in deed different consideration is mentioned but separate area is not mentioned
When two or more people buy a property but do not specifically mention the share that each has in the property, a 'tenancy-in-common' is created. All the coowners can use the entire property and every co-owner is deemed to be having an equal share in it. After the death of one of the co-owners, the interest in the house does not pass on to the other co-owners but to the legal heir or a person named in the Will of the deceased, who will then become a 'tenantin-common' with the surviving co-owners. In case the property is owned by two or more persons in equal shares, it is referred to as a joint tenancy. In case one of the joint tenants expires, his interest automatically passes on to the surviving joint tenant(s). In case a property is jointly owned by two or more persons, the fact should be specifically mentioned in the sale deed. A property can be acquired by two or more persons jointly by pooling in their resources. Unless there is a contract to the contrary between the parties, co-owners will have a share in the property that is proportionate to the funds contributed by them to buy it.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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