What are Different Types of Co-ownership? - PowerPoint PPT Presentation

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What are Different Types of Co-ownership?

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It is safe to say that you are intending to purchase a property together? Did you realize that possession design when one purchases a property with the mate and additionally when one purchases property with the kin is unique? Click here for the details… – PowerPoint PPT presentation

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Title: What are Different Types of Co-ownership?


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What are Different Types of Co-ownership? Februar
y 14, 2018 Real Estate india property
blog, india property website blog, property blog,
property blogs in india, property website blog,
Real estate blog, real estate property blog, real
estate property website blog, real estate website
blog, types of co ownership of property, What are
Different Types of Co-ownership 1 Srishti Chandola
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Are you planning to buy a property jointly? Did
you know that ownership pattern when one buys a
property with the spouse as well as when one buys
property with the sibling is different? In fact,
there are many questions on the property
co-ownership which might confuse for you. Thus,
you must familiarize yourself with kinds of
co-ownership that exist. This would actually help
to avoid confusion in future. There are four
prime ways to own the property jointly Tenancy
in common This is somewhat of the property
ownership, co-owners don't specifically mention
the share at the time of buying. Co-owners are
tenants in common. While these are alive, all the
tenants in common will provide equal rights over
property. In case of demise of the co-owner,
however, the ownership of property would not
automatically pass the surviving co-owner.
Depending on terms that are mentioned in the will
of the deceased, the property will certainly be
divided in future. Tenancy in entirely This form
of ownership is exclusive to the properties owned
by the legally married people. The correct of the
survivorship work in the case of the tenancy
completely, in case of death of one, their
interest automatically passes on to the other. As
is correct of joint tenancy, tenants in complete
must occupy the property at a similar time
through sale deed along with the equal interest.
Also, one can't sell the property without having
other on board about the transaction. The
contract on tenancy in completely broken in the
case of death, divorcement or mutual agreement.
Joint tenancy
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For the joint tenancy to take place, all tenants
must similar through one sale deed along with the
equal interest in the property. The concept of
the joint ownership is based on correct
survivorship. the case of demise of one co-owner,
the rights over property automatically pass on
the surviving tenant. It, however, must be noted
here that the ownership over the property would
legally be perceived as the tenancy in common
unless and until you precisely mention it in
documents of property that specific property is
owned as the joint tenants by the
coowners. Coparcenary The concept of coparcenary
is applicable in the case of Hindu Undivided
family structure. This concept is similar to the
joint tenancy which allows the unborn child to
have an equal share in the HUF property. After
the birth, the coparcenary becomes the
shareholder of the property jointly held by the
HUF. At the time of death, the undivided share in
the property passes to his heirs as well as not
among other coparceners.
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