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Author Topic: Buying a house with brother in law  (Read 1100 times)

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Offline nnjamadagni

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Buying a house with brother in law
« on: January 09, 2014, 02:58:26 PM »
Dear Sir.
I am an engineer and married. I have a Kid. My sister is also married and she has a kid too. Now we are planning to buy a house together. We are short of funds. Hence we want first the property to be registered in Brother in Law's name to get an home loan. After clearing the home loan they will add me to be the co owner of the  house. My questions are below.
1. Is it possible to add me as co owner with equal rights after clearing the loan?
2. Since my Brother in Law has Kid(my nephew 8 years old) , my nephew  becomes  eligible to property as soon as the house get registered to Brother in Law's name. Now he is minor. Can my brother in law transfer 50% of the rights to me while my nephew is minor? Will this creates any additional complexities in future.
3. What is the best way to share the property in my case.. ?
4. Please provide your opinion and suggestions?
Naresh N Jamadagni

Offline Advaradhyakirmani

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Re: Buying a house with brother in law
« Reply #1 on: January 09, 2014, 09:50:43 PM »
1. ans: yes possible

2. ans: yes your brother in law can transfer 50% rights... regarding your minor nephew issue well this may arise a cause of concern when he attains majority, he will have a right to file against this.

3. ans: from the very beginning be a co owner is the best way out, right from the time of purchase.

Adv.Aradhya Kirmani
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