Disputes

Agreement deeds 721 views 3 replies

coolman2011

hjvh

25 Points Joined October 2011

We are 3 brothers. My eldest brother and me bought a Rs.28 lakh flat in Joint Agreement. We have paid a Down payment of Rs. 8 lakhs in cash (3.5 Me , 2.25 eldest brother and 2.5 from Dad and Other brother) and taken loan 0f Rs. 20 Lakhs in My name and my eldest brother is guarantor. From 4 to 5 months there have been some disputes between me and both my brothers. My dad and Mother is with me. I was Paying the full EMI of Rs18348/- since 2 years and still paying the EMI.

The flat money is also causing disputes for which I am ready to pay back the Down payment amount taken from my brothers and remove their names from the flat agreement. But they are not agreeing to this and do not want to compromise. They want current half cost (Rs 20 Lakh) of flat.

Now can you suggest me How I can get out of this without affecting my credit records.

1. Can I get full flat ownership by paying loan amount.

2. After 20 years When I do a full payment if my brothers quarrels again, what will be my step.

3. Can I sell the flat and get Home loan paid and Cash which I given at Down payment without affecting Credit record.

Replies (3)

Mihir

Wealth Manager

5293 Points Joined December 2008

You and your brother are the co-owner of this flat as per the agreement

You have taken the home loan on your name as per the home loan agreement.

In whose name the society bill is raised?

In whose name the society membership share certificate is issued?

In whose name the electricity bill comes in that flat?

If you want to own the flat wholly and exclusively, your brother will need to prepare a gift deed or a release deed intending to letting go of his claim on the rights and title of the said flat.

coolman2011

hjvh

25 Points Joined October 2011

Thanks for the reply following is my comments for forward reference

You and your brother are the co-owner of this flat as per the agreement
Correct
You have taken the home loan on your name as per the home loan agreement.
Correct
In whose name the society bill is raised?
on my name
In whose name the society membership share certificate is issued?
Not yet issues I think that will be on both name
In whose name the electricity bill comes in that flat?
on my name

If you want to own the flat wholly and exclusively, your brother will need to prepare a gift deed or a release deed intending to letting go of his claim on the rights and title of the said flat.

Can I do something without asking my brother because he is not leasing to me he is only asking half amount(16-20L) of current cost(40-45L).

Mihir

Wealth Manager

5293 Points Joined December 2008

This is genuinely a very difficult situation.

You have taken home loan on your own name, and you alone are paying the EMI. So whether you pay or you default, the ownership title of the said flat will not be affected because of the co-ownership in the agreement.

Even if you want to sell, your brother's consent is required, and he being the co-owner, his claim over the flat or the sale value cannot be questioned.

there is another option, as strange as it may sound, but it could make sense in the future.

Instead of you trying to own this flat wholly and exclusively, you release your right over this flat, transfer your right over the flat to your brother, as well as the home loan agreement, and buy a new flat in your own name. Then it will be your brother who will have to pay the EMI, not you. And your brother cannot claim anything because the flat is not even yours now. Ask your bank if the home loan can be transferred to your brother's name because he is the co-owner of the flat. Of course, your brother's consent will be required for this, too, but it will surely avoid future litigation which is clearly visible as per the current circumstances.

Let me know your views about this.