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Joint property ownership problem
5 months ago
Hi sir myself prashanth & my brother name is Vikram both have purchased property jointly before 2years at that time we both are bachelor we have taken loan in axis Bank amount is deducting every month from my account all of suddenly misunderstanding happened between us my brother is the co applicant he refused pay his share of EMI for 4months he is getting good income I'm only paying full EMI for 4months both decided to sale the property hence we find buyer I agreed his selling value but my brother is not agreeing to sell the property & also no ready to pay monthly EMI My question is how to take property without his consent?
A.Dear client,
You cannot take/ sell the property without his consent.
For the EMI part, you can send him a legal notice.
You cannot take/ sell the property without his consent.
For the EMI part, you can send him a legal notice.
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A.Dear Client,
If two or more individuals own property together (known as tenants in common), one co-owner cannot remove the other co-owner by executing a new deed. They can only transfer their share of interest through a deed of release or relinquishment. A relinquishment deed is a legal document that transfers the ownership of a property from one person to another. It is commonly used in cases where a co-owner or a legal heir wishes to transfer their share of the property to another co-owner or legal heir. A right of ownership other than gift or will is not given up without compensation; this compensation may take the shape of cash, a trade in goods, or a family arrangement. So, a relinquishment deed may be assigned either for consideration or with no consideration. The “Deed of Relinquishment,” which must be signed by all parties, witnessed by two witnesses, and registered, is another requirement for giving up ownership of immovable property in favour of a co-owner. You can propose the arrangement to your brother, and if he does not with your proposal, you being the primary applicant/borrower will be liable for repayment of the entire loan alone. A co-owner is a person who, along with the primary borrower, has a legal interest in the property. While both have an equal responsibility in repayment of the loan, if the primary borrower becomes unable to repay the home loan, for some reason, then the responsibility to pay back the outstanding home loan lies solely on the shoulders of the co-owner/co-applicant. In the prevailing situation, when the loan agreement is jointly signed by the co-owners of the property, on the refusal of the co-owner to share the liability of repayment of the loan, a primary applicant/borrower can file a civil suit against the co-borrower or co-owner for specific performance before the Civil Court to enforce the accountability of co-owner of the property and co-applicant of the loan. Alternatively, you can stop the repayment of the loan so that the matter is resolved from the end of the lender Bank following the recovery process against both the co-owners/Borrower to let your brother accountable for not discharging his liability as co-owner/co-applicant/borrower. Reach out to an Advocate for guidance and steps.
If two or more individuals own property together (known as tenants in common), one co-owner cannot remove the other co-owner by executing a new deed. They can only transfer their share of interest through a deed of release or relinquishment. A relinquishment deed is a legal document that transfers the ownership of a property from one person to another. It is commonly used in cases where a co-owner or a legal heir wishes to transfer their share of the property to another co-owner or legal heir. A right of ownership other than gift or will is not given up without compensation; this compensation may take the shape of cash, a trade in goods, or a family arrangement. So, a relinquishment deed may be assigned either for consideration or with no consideration. The “Deed of Relinquishment,” which must be signed by all parties, witnessed by two witnesses, and registered, is another requirement for giving up ownership of immovable property in favour of a co-owner. You can propose the arrangement to your brother, and if he does not with your proposal, you being the primary applicant/borrower will be liable for repayment of the entire loan alone. A co-owner is a person who, along with the primary borrower, has a legal interest in the property. While both have an equal responsibility in repayment of the loan, if the primary borrower becomes unable to repay the home loan, for some reason, then the responsibility to pay back the outstanding home loan lies solely on the shoulders of the co-owner/co-applicant. In the prevailing situation, when the loan agreement is jointly signed by the co-owners of the property, on the refusal of the co-owner to share the liability of repayment of the loan, a primary applicant/borrower can file a civil suit against the co-borrower or co-owner for specific performance before the Civil Court to enforce the accountability of co-owner of the property and co-applicant of the loan. Alternatively, you can stop the repayment of the loan so that the matter is resolved from the end of the lender Bank following the recovery process against both the co-owners/Borrower to let your brother accountable for not discharging his liability as co-owner/co-applicant/borrower. Reach out to an Advocate for guidance and steps.
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A.Dear client
Check the loan agreement with the bank to understand the implications of defaulting on payments. It's essential to be aware of the legal consequences. Try to have an open and honest conversation with your brother about the situation. See if you can come to an agreement regarding the sale or a resolution to the payment issue. If direct communication doesn't work, you might consider mediation. A neutral third party can assist in facilitating discussions and finding a mutually agreeable solution.
Check the loan agreement with the bank to understand the implications of defaulting on payments. It's essential to be aware of the legal consequences. Try to have an open and honest conversation with your brother about the situation. See if you can come to an agreement regarding the sale or a resolution to the payment issue. If direct communication doesn't work, you might consider mediation. A neutral third party can assist in facilitating discussions and finding a mutually agreeable solution.
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