Legal Junkies Forums

#1 Community for Legal Questions and Answers

 
Go Back   Legal Junkies Forums > REAL ESTATE and PROPERTY LAW > Other Real Estate Law Matters

Register FAQ Tags Members List Social Groups Search Today's Posts Mark Forums Read Layout

Notices


Reply

 

Thread Tools Search this Thread Rate Thread Display Modes
Old 12-31-2016, 09:50 AM   #1
niteshsharma84
Junior Member
Country:  
niteshsharma84's Flag is: India
 
Join Date: Dec 2016
Posts: 2
Default Flat in partnership

I am going to buy a flat with my friend in partnership. The falt would be on his name as the loan was taken on his salary. we both would be sharing everything which includes EMI, down payment etc. The flat is in Greater Noida sector 1. As per builder, they cant add my name in the flat documents.

I wanted to know if i can make an agreement with my friend which shows that I am the half owner of that flat? if no, what is my other option?

Thanks
niteshsharma84 is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 12-31-2016, 04:54 PM   #2
adjusterjack
Top Level Member
 
Join Date: May 2016
Posts: 959
Default Re: Flat in partnership

Don't do it.

Unless you are going to be named on the deed as an owner, you will get screwed.
adjusterjack is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 01-01-2017, 06:38 AM   #3
LJJ
Guest
 
Posts: n/a
Default Re: Flat in partnership

Why can't they put two names on the deed?

You can always have him transfer you a half interest after the sale, unless for some reason property in that area has a restriction, or unless you are using bank financing.

Are you buying in cash or are you financing the purchase with a bank?
  Reply With Quote


Did you find this post helpful? Yes | No
Old 01-02-2017, 01:15 AM   #4
niteshsharma84
Junior Member
Country:  
niteshsharma84's Flag is: India
 
Join Date: Dec 2016
Posts: 2
Default Re: Flat in partnership

it wud be financed
niteshsharma84 is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 01-02-2017, 07:17 AM   #5
Lexus
Top Level Member
 
Lexus's Avatar
 
Join Date: Sep 2010
Posts: 7,997
Default Re: Flat in partnership

If you are not a party to the sale deed i.e. if your name is not in the deeds, law will not recognize you as a co-owner of the property. If something has happened to you, your legal heirs will not get any right in your share of property. So it is compulsory to have your name in the documents in this purchase, otherwise you could not establish your legal right in the property if any conflict arises in the future.
Lexus is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 01-03-2017, 06:56 AM   #6
Unregistered
Guest
 
Posts: n/a
Default Re: Flat in partnership

You could have him sign a promissory note promising to pay you x amount at some point in time. That would help somewhat but it is not nearly as strong as having your name on the deed.

Or a regular contract or lease etc. as to what your agreement is. But again it is not nearly as good as being on the deed.

Kent
  Reply With Quote


Did you find this post helpful? Yes | No
Reply

Bookmarks

This thread has 5 replies and has been viewed 406 times


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:


Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads

Thread Thread Starter Forum Replies Last Post
Question Flat or house?? cyriac Off Topic Messages 2 10-27-2016 03:27 PM
Transfer of Partnership Property Rights in Partnership Agreement BWET Business Contracts and Partnerships 1 09-10-2010 09:16 AM
Ended Partnership Issues (partnership document, office lease) Unregistered Business Contracts and Partnerships 2 03-12-2010 03:27 PM
limited partnership n. a special type of partnership which is very common when people Unregistered Business Contracts and Partnerships 0 07-23-2008 12:22 AM
Family Limited Partnership vs. General Partnership Innocent Bystander Business Contracts and Partnerships 1 12-06-2007 01:15 PM




All times are GMT -4. The time now is 04:13 AM.


Use of the Forums is subject to our Disclaimer. Copyright 2009-2017 by LegalJunkies.com