Legal Question in Real Estate Law in India
Settlement advice
My father has a self acquired property which he wants to divide among 7 family members - The property is worth 70 lacs & i would prefer taking over the property rather than selling. My share is 20lac & in need to settle 50 lacs to others. However i have with me only 20 lacs. Can i amke a settlmnet for the balance 30 lacs by buying a new house on my name using a housing loan & transfer the same to my sister & can we agree that i will make the balance paymnet in next 3 years.
Is there any other way of doing this -
4 Answers from Attorneys
Re: Settlement advice
Terms of contract mainly depends on mutual agreement.
As far as law governing transfer of properties is concerned, one can purchase a property and pay entire or part of price in future.
Re: Settlement advice
no, such settlement is always done on cash. what if tomorrow you stop paying the instalments of loan. in case you do not have 50L, let the property be divided equally. greed is the mother of all sins.
Re: Settlement advice
No legal issues are involved in your statement.
Re: Settlement advice
Whatever you queried is a family understandings an elderly close person's experienced advise for you to take for this I hope even a taxi driver's advise would be enough if he is an elderly gentleman of your household and if everyone in your family respects his words.
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