Friends, I wanted to know the plus and minus of a joint property registration in Chennai. My Husband and my father in law are having a joint property(flat). Will this cause any future problems? Thanks in advance.
neha1, if your husband has siblings then there is a chance of problems. if your FIL does have a will/agreement stating this flat is your husband's alone it may not. consult a lawyer. Many people go for joint registration these days. reasons could be many..some of what i understand.. 1. tax benefits...gets distributed between the owners.. 2. better loan eligibility. (if the husband and wife are working the combine income gets a better amount) 3. some take the easy route, instead of giving POA and things.
Thanks Shanvy, for the prompt response.. I am assuming that the reasons that you have mentioned are for husband and wife...and not parent and child...Please correct me if I am wrong... Also, are there any benefits that a retired person(FIL) can get from such a move? Is joint ownership same as co-ownership then?