Legal Question in Real Estate Law in India

Family Property

We are joint family of three (cousin)brothers and their family, We are in the same business run by my elder brother, He wishes that ''if the family lives together everybody shall reap the benifits but if any one(even spouse or children) wishes to break away not even a single penny will be for them''. He proposes to buy a property. since the loan is sanctioned in his name the property will be in his name. But can his wish living togeter can be leagalised through a 'will'. so that everybody is owner when together but get nothing if separate.

is there any other way legalise my brothers wish


Asked on 4/20/06, 3:10 am

1 Answer from Attorneys
RAJIV NANDA RAJIV NANDA ADVOCATES

Re: Family Property

To answer your question in a proper maner, ceratin more details are required. First of all it is not understandable as to why the loan will be sanctioned in the name of your brother only. Is it that the buisness is also in his name. If the buisness is in the name of your brother ONLY. Than perhaps it is justified tha the proposed purrchase is in the name of your brother only. WILL is not the solution, for your problems.Since WILL is operative only after the death of the testator and he can always change his mnd and change the WILL. In my opinion ( Subject to your brother agreeing to it) you all can make and enter a family settlement and register it. The same should contain details of every thing which includes the buisness and the property. Rajiv Nanda, Advocate Supreme Court. [email protected].

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Answered on 4/20/06, 10:43 am


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