Dear client, below I have provided some important information.
Dividing the property equally: To divide the property equally among the three brothers, you have a few options.
a) Partition Deed: A partition deed is a legal document that allows for the division of jointly owned property. It can be used to allocate specific portions of the property to each brother, specifying their respective rights and responsibilities. This can be a tax-efficient solution as it ensures each brother receives his fair share without additional tax implications.
b) Will: If your mother is willing, she can draft a will that clearly states her intentions to divide the property equally among her three sons. However, it's important to consider the potential tax implications of inheriting the property through a will, as inheritance tax laws vary by jurisdiction.
c) Registration of individual floors: Another option could be to register each floor or apartment in the name of each brother individually. This would provide individual ownership and may simplify the process of selling individual units in the future. However, it's crucial to consult with a local attorney to understand the legal and tax implications of this option.
Selling the property in the future: If you wish to sell the property in the future, the method of sale would depend on how the property was divided among the brothers.If a partition deed was executed, each brother would have a specified portion of the property in his name, allowing for independent sale of their respective portions.If the property was divided through a will, the property would pass to the brothers as per the terms of the will. To sell the property, the brothers would need to follow the legal procedures and requirements for selling inherited property.If individual floors were registered in each brother's name, they would have independent ownership, and selling their respective units would be similar to selling any other individual property.
In any case, it is advisable to consult with a local attorney to understand the specific legal requirements and procedures for selling property in your jurisdiction.
Stilt parking and roof rights: To address the issue of stilt parking and roof rights, it would be advisable to have a clear agreement or documentation that outlines the rights and responsibilities of each brother. This agreement could specify the allocated parking spaces for each unit and any restrictions or guidelines for the use of the roof area. Having a legally binding agreement can help prevent conflicts in the future and ensure that everyone understands their rights and obligations.