Enter into deed of family settlement
2) it should be duly stamped and registered
3) you can give other family members first right of refusal in case of sale of property
3) you cannot restrain them from giving premises on rent
Adding co-owners to land / property
Hello, I live in a 3-storey family house, along with my 2 brothers and their families. The land is registered in my name and the registration took place about 20 years ago. I reside on the ground floor, while my brothers and their families reside on the first and second floor respectively. For avoiding any future conflicts, my brothers would like to have their individual floors registered under their name and become registered co-owners of the property. Because this is a family property, we would like to ensure that no individual co-owner should have the right to sell or rent their portion of property without consent from all co-owners. Additionally, we would also like to ensure that any structural changes to common areas of the property (parking, terrace, etc.) can only be done by mutual consent from all co-owners. How can I register / add the names of my brothers to the land / property, while ensuring the aforementioned conditions are also satisfied? Thank you for your help and guidance! Regards, Dharmesh
Asked 3 years ago in Property Law
Religion: Hindu
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9 Answers
Just to clarify, my property is in Gujarat (India). Please let me know if there are any property laws that are applicable in my situation. To ensure that any portion of the property can be sold, rented or structurally modified ONLY via mutual consent from all co-owners, can I make an MOU between all co-owners and enforce it?
Asked 3 years ago
Terrace ,parking form part of common areas for benefit of all co owners
you cannot carry on any construction without permission from muncipal corporation and other co owners
- Since, the said land is registered in your name, then you are only the legal owner of the property even your brothers have contributed in the construction of the building .
- Further, if that property was purchased by the family fund and registered in your name then they can seek partition of the property, however they will have to prove the same.
- Further, if want to make them separate owner of the floors where they are residing then you can enter into a Partition deed or family settlement deed after giving proper details of the property., and registered the same from the office of the registrar.
Partition amongst the brothers floorwise can be done through Partition Deed which has to be registered in the jurisdictional Sub Registrar's Office in Gujarat. By doing this each sibling becomes owner of the particular floor.
All the siblings collectively can come to an understanding regarding selling, renting or structurally modifying by executing Family Settlement Deed, which has to be registered in the jurisdictional Sub Registrar's Office.
Yes you can execute an mou or deed for the same
In a registered family settlement/ agreement you can invoke the desired clauses which are mutually agreed by all the shareholders/joint owners.
The common areas will remain common and all the owners of the complex are entitled to a right in the common area, hence any decision to alter or restructure the common are shall be done only after all the owners give their consent.
The owners of their respective property cannot be restricted from letting out their portion of property on rent or lease or even mortgage.
The right to sell can be mentioned that the rights would be offered to other owners first pursuant to that the outsiders can purchase in case of refusal of the existing owners.
any decision to alter or restructure the common are shall be done only after all the owners give their consent.
The owners of their respective property cannot be restricted from letting out their portion of property on rent or lease or even mortgage.
The right to sell can be mentioned that the rights would be offered to other owners first pursuant to that the outsiders can purchase in case of refusal of the existing owners.
any decision to alter or restructure the common are shall be done only after all the owners give their consent.
The owners of their respective property cannot be restricted from letting out their portion of property on rent or lease or even mortgage.
The right to sell can be mentioned that the rights would be offered to other owners first pursuant to that the outsiders can purchase in case of refusal of the existing owners.
Dear client,
To add the names of your brothers to the property as co-owners and ensure that the conditions you mentioned are satisfied, you can consider the following steps:
Draft a co-ownership agreement: This agreement will outline the terms and conditions of ownership, such as each co-owner's rights and responsibilities, restrictions on the sale or rental of individual portions of the property, and guidelines for making changes to common areas.
Obtain the consent of all co-owners: All co-owners, including yourself, must agree to the terms and conditions outlined in the co-ownership agreement. This can be done through a signature or some other form of written agreement.
Register the co-ownership agreement: Once the co-ownership agreement has been executed and all parties have consented, you should register the agreement with the local land registry or property registry. This will ensure that the co-ownership agreement is legally binding and enforceable.
Update the property title: The property title should also be updated to reflect the change in ownership, with the names of all co-owners listed on the title. This can typically be done through a simple process with the local land registry or property registry.
It's also recommended that you consult a real estate lawyer or a legal expert to assist you with the process and ensure that everything is done correctly and in accordance with the applicable laws and regulations.
You can do so by executing a deed of family settlement and getting the same registered after payment of requisite stamp duty, wherein the aforementioned provisions can also be drafted in the deed of family settlement.
Consult some experienced lawyer for drafting the said deed.
