It is safe to say that you are intending to purchase a property together? Did you realize that possession design when one purchases a property with the mate and additionally when one purchases property with the kin is unique? Click here for the detailsâ€¦ http://www.favista.com/blog/2018/02/14/different-types-co-ownership/
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What are Different Types of Co-ownership?
©February 14, 2018 & Real Estate # india property blog, india property
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Are you planning to buy a property jointly? Did you know that ownership pattern when one buys a property with the spouse as well as when one buys property with the sibling is different? In fact, there are many questions on the property co-ownership which might confuse for you. Thus, you must familiarize yourself with kinds of co-ownership that exist. This would actually help to avoid confusion in future.
There are four prime ways to own the property jointly:
Tenancy in common
This is somewhat of the property ownership, co-owners don't specifically mention the share at the time of buying. Co-owners are tenants in common. While these are alive, all the tenants in common will provide equal rights over property. In case of demise of the co-owner, however, the ownership of property would not automatically pass the surviving co-owner. Depending on terms that are mentioned in the will of the deceased, the property will certainly be divided in future.
Tenancy in entirely
This form of ownership is exclusive to the properties owned by the legally married people. The correct of the survivorship work in the case of the tenancy completely, in case of death of one, their interest automatically passes on to the other. As is correct of joint tenancy, tenants in complete must occupy the property at a similar time through sale deed along with the equal interest. Also, one can't sell the property without having other on board about the transaction. The contract on tenancy in completely broken in the case of death, divorcement or mutual agreement.
For the joint tenancy to take place, all tenants must similar through one sale deed along with the equal interest in the property. The concept of the joint ownership is based on correct survivorship. the case of demise of one co-owner, the rights over property automatically pass on the surviving tenant.
It, however, must be noted here that the ownership over the property would legally be perceived as the tenancy in common unless and until you precisely mention it in documents of property that specific property is owned as the joint tenants by the coowners.
The concept of coparcenary is applicable in the case of Hindu Undivided family structure. This concept is similar to the joint tenancy which allows the unborn child to have an equal share in the HUF property. After the birth, the coparcenary becomes the shareholder of the property jointly held by the HUF. At the time of death, the undivided share in the property passes to his heirs as well as not among other coparceners.
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