Property Issue
3 months ago
My father has put up the house on the inherited property. In joint deed, the property was deeded in the name of my father and mother to take a loan for my wedding purpose.My brother and I are not in harmony with our father and mother, so we are living separately with our wives and children. We are worried that if we pay off the loan and hand over the document to my father, they will sell it without giving us the right amount. Is there anything legal that can be done before returning the document?
A.Dear Client,
Both property and its papers what is not yours can you legally keep it with you especially when it is a collateral security of a loan? As a borrower, if you stop repayment of loan. the lender would attach the property for recovery of the outstanding loan damaging your CIBIL record which will affect your future financial status adversely. Moreover, your parents being Senior Citizens are now well protected by the laws of the land to exercise their rights against their errant and unruly children who left them uncared and abandoned. Once they exercise their rights available under different laws, you may face a lot of worse consequences including payment of their maintenance. The owners of the self-acquired property get an unfettered right to dispose of their property to anybody as per their wishes. Nobody can claim a share of that property as a matter of right.
Both property and its papers what is not yours can you legally keep it with you especially when it is a collateral security of a loan? As a borrower, if you stop repayment of loan. the lender would attach the property for recovery of the outstanding loan damaging your CIBIL record which will affect your future financial status adversely. Moreover, your parents being Senior Citizens are now well protected by the laws of the land to exercise their rights against their errant and unruly children who left them uncared and abandoned. Once they exercise their rights available under different laws, you may face a lot of worse consequences including payment of their maintenance. The owners of the self-acquired property get an unfettered right to dispose of their property to anybody as per their wishes. Nobody can claim a share of that property as a matter of right.
Helpful
Helpful
Share
Read Related Answers
Land purchase from Scheduled caste belonging person
Dear Sir,
Please take opinion from local senior civil Advocate and see that whether there was any clog period within which such land was not supposed to sell.
Land purchase from Scheduled caste belonging person
Dear Client
Here are your answers.
1. Yes you can and you should lodge police complaint against that person and bring him to the books. Before you can lodge a police complaint you can send a legal not...
RTI
Dear Client,
In India, the Right to Information (RTI) Act allows citizens to request information from government authorities or public bodies. However, obtaining information about the owner of a spe...
capital gain and property valuation
Dear Client,
In your situation, determining the valuation of the property for sale can be complex due to various factors, such as the historical construction of the property, its transformation into...
Regularization
Dear sir,
You may contact local advocate who is well known with local laws especially the building laws of your area to solve your problem.
Read Blogs on Property
Property Lawyers
Find Lawyers by Location
