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Selling one floor of an independent house
6 months ago
Hi there,
We have an independent house (40+ years old) with, G+2 built. Here, according to my fathers WILL, ground floor and second floor belongs to elder son (myself) and first floor belongs to second son (my brother). Now my brother wants to sell his part of first floor.
Now my question is, how is the cost of the house (first floor only) decided since its pretty old.
Also, If at all we both brothers decide to demolish the entire house structure, how will the land (30x40) be divided among the two of us?
A.Dear Client,
Get the property evaluated floorwise by an authorised property valuer to acess the present markent value of the property and make out a Family Settlement Deed and get it registered under the Registration Act by the Registrar/Sub-Registrar before demolishing the entire house structure to get the individual share in terms of the said Family Settlement Deed.
Get the property evaluated floorwise by an authorised property valuer to acess the present markent value of the property and make out a Family Settlement Deed and get it registered under the Registration Act by the Registrar/Sub-Registrar before demolishing the entire house structure to get the individual share in terms of the said Family Settlement Deed.
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A.Dear Client,
The cost of the house (first floor only) can be decided based on the current market value of the property. The value of an old property can be determined by considering factors such as the location, condition of the building, and the demand for properties in that area. It is advisable to consult a qualified property valuer or appraiser to assess the value of the first floor of the house based on these factors. If both brothers agree to demolish the entire house and divide the land, it's essential to have a clear agreement on how the division will take place. This could involve splitting the land equally or in a manner agreed upon by both parties.
The cost of the house (first floor only) can be decided based on the current market value of the property. The value of an old property can be determined by considering factors such as the location, condition of the building, and the demand for properties in that area. It is advisable to consult a qualified property valuer or appraiser to assess the value of the first floor of the house based on these factors. If both brothers agree to demolish the entire house and divide the land, it's essential to have a clear agreement on how the division will take place. This could involve splitting the land equally or in a manner agreed upon by both parties.
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