What are the rights of the joint allotee in a flat
25-Jun-2023 (In Property Law)
I and my husband have invested in a flat in Ghaziabad for which we are going to register for this August. We both work in Dubai and the money put in the flat is fifty per cent mine and fifty my husband's ( not written anywhere). The flat is in my name and my husband is a joint allotee. I want to know that the value of joint allottee in the property. Can the family( mother and brothers) of joint allottee claim in the property in the future or not? Will I need the permission of joint allottee for all the further dealings of the property? I also want to know the procedure of registration of property in India (what documents we will need, how many days will it take and will the registration papers also contain the name of joint allottee etc.). The religion we follow is Islam.
the investment in property by both or joint purchase only can only be considered if the payment of the flat was made either from a joint bank account or from separate individual bank account. if the flat is in your name and your husband is a co-allotee, it will be considered a joint ownership. The value of the joint proerty will be same as per agreed price or the price as circle rate, whichever is higher. parents can not claim from the joint property if it was purchased from your own income. any dealing in joint property shall be done by jointly only i.e. by joint signature, if you want to sell in future. for registration you both can give power of attorney to someone. The registration process is one day process only rather few hours but it depends on the seller when he redies documents. The registration paper i.e. sale deed will contain names of joint allotees. My advise you to contact and hire an advocate expert in real estate matters
Until you and your husband is live till no buddy can claim on that property. If you make will or gift of your share to any person then he/she could claim on basis will or gift. And in India registration process is 7 percent stam duty you will have to pay in circle rate. If sale consideration is more than circle rate then you will have to pay stamp duty on sale consideration. And registration fees also
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