My Name is Mural i from Bangalore,
i was interested to purchase on site in my place that site meZirment will be 30 x 40 & 30 x 40 two sites in next adjusted but both site in two diferent people name, i wish two buy this property along with my two fends partner ship,
and we have decided to share the property like 20 x 40, 20 x 40, 20 x 40,
its posible we can share this property as mentioned meraserment wise and if what all the documents we have to do and how we have to proceed,
Asked 1 year ago in Property Law from Nelamangala, Karnataka
1) check whether title is clear and marketable
2) whether land is agricultural or NA
3) dont buy land in partnership .
4) in case tomorrow you have any disputes about land it would ruin your friendship .
5) get sale deed drafted by local lawyer .
6) check whether all taxes have been paid till date
1. If the purpose of purchasing the property is setting up of a new business or augmentation of an existing business then a sale deed creating title in the ratio desired by you may be executed.
2. A partnership deed would then have to be executed to reflect the share of every partner.
3. Carry due diligence before purchasing the property.
If the property are two different sites though lying adjacent to each other, for all practical purposes they are two different properties. You cannot combine both because the vendors are two different people. The buyers can jointly buy but the sharing will not be 20/40 each it will be two sets each containing 10/30 each, Instead of going for such sharing , better make a partnership deed with clauses suiting to your agreed decisions, that will take care of everyone's interests in the property proposed to be jointly purchased.
Since you have decided to purchase the site which is one next to the other, you may do so in the joint names of both your friends.
Thereafter the three of your can execute a release deed in favour of the other two releasing his right, title and interest over the sites measuring 20 x 40 (2 nos) each.
Alternatively the three of you can enter into a registered settlement deed wherein each of you share the total extent of land in the ratio of 1/3rd portion, enclose a colour sketch demarcating each individuals portion show it in an index and then get this document duly registered at the sub-registrar's office to avoid future complications. Once this is done, get the Katha mutated into your respective names as per the settlement deed.
Contact a local lawyer to work on this method explain to him that these are the options you have and ask him to prepare the deed accordingly.