Property Sale advise required
2 years ago
Hi.. Sometime around 2003, I took over my father's property by dividing it equally with my sister and paying her the amount (in lacs) as per our internal verbal agreement..Time passed..Around 2009, my sister and her family were going through a very bad financial crisis.I offered the property to them with an understanding that they can mortgage it and use that amount to clear their debts and return the property to me once they clear loans..Life got it's way and the loans could not be cleared till date..We have now decided to sell the property, however , am not sure how to calculate or rather ask my share from the proceeds..Any advice on how to handle this situation? Thanks!
You will always get 50% of the property and your sister has to bear all the mortgage amount and interest thereon plus amount paid by you to your sister if any plus interest on your amount.
I could have explained more if background is known to me. If background is made known in full then legal experts will be in position to understand correctly. Moreso, the background must be in brief.
Please give me FIVE STAR if satisfied by my answers.
It is vital to determine whether the entire property was mortgaged or not. Although you are legally entitled to the entire selling value, because your sister did not execute any registered Deed of Release / registered Deed of Gift in your favour, your sister is legally entitled to half of the sale consideration ( if the entire property was given in mortgage and now subject to sale).
Thank you!
Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
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