legal rights over real estate

Discussion in 'Money Matters' started by sandhya19, Aug 12, 2007.

  1. uma321

    uma321 Platinum IL'ite

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    Re: Being in USA

    You can give a power of attorney to buy properties in your name. Its just that you are making them as a guardian for your property.
     
  2. tashidelek2002

    tashidelek2002 IL Hall of Fame

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    Re: Being in USA

    It is very very important to have a will in USA. Depending on your state the inheritance laws will affect who gets what....there is no standard on inheritance in USA and the government can take all or part of the estate. If the child is orphaned, the child will fall into the social service system and the grandparents will end up with a costly mess to get it straightened out. If they are deemed unable to care for the child they may only get visitation. You can shop around for a lawyer to write a will for you. You pay a lawyer by the hour so research and write down what you want before going. You can also get a will program and do yourself (not as good as having a lawyer but better than no will) and then get it notarized. Your bank may have free notarization available and witnesses. Many businesses also have notaries. Keep the notarized copy in safe location and then send a copy to the grandparents in case it is needed.
     
  3. skavi

    skavi Senior IL'ite

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    Re: Being in USA


    Hi

    If u don't make a will, the government will take the kid in foster care and they will never give custody to grand parents, i have seen cases here, grand parents had to really fight with the system to get back there kids.

    I suggest you to find out with your friends who has already done their will, or else talk to your friends if they are interested, you all can go to one lawyer and make him do it for less for all of you( we did like that, for us they told its 1200$ but when we went with friends it came up to 800$)

    you can make investments like putting your money in fixed deposits or any GPO deposits, you can find info online about investments and tell your parents to do it. you don't need to be present there but as i told you before, get all the investments papers and keep it with you and leave 1 xerox copy with your parents.

    Adding spouse name is enough for bank accounts.

    one more Imp thing is one should always know spouse SSN number.
     
  4. MeenaBalu

    MeenaBalu New IL'ite

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    Re: Being in USA

    Hi
    I though I would share few inputs ,
    You can buy a property in INDIA even if your in the US ,its a good option and its lees risky also.
    LIc housing finance has this option of proceesing the papers for Indians who are living in the US ,I had hot it done in June .
    The advanatge is you can make any amount of prepayments and there will be no penalty on the same.
    So my suggestion is buy an apartment and give it on rent or else go for a commercial property and its a good investment for your kid also.
    Start some LIC insurance for eduaction for your son,you can do it and make online payments ,its that easy
    cheers
    Mahima
    Seattle!
     
  5. ramkalyang

    ramkalyang Senior IL'ite

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    Re: Being in USA

    WILL required !

    Please consult an attorney nearby your place or in yellow pages or thru your friends or Ask your attorney who did your Green card for reference.

    for an affordable fee, you can write a will.

    if are you in NJ let me know, if the forum etiquette permits, I can provide some attorney details
     
  6. newlife2010

    newlife2010 New IL'ite

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    power of attorney of flat related question

    Hi everyone. My husband has flats in india for which he has given seareta general POAs to my father-in-law to withdraw money from NRI account and pay installments , for electrification, any customization and taking possesion (receiving keys by signing on my DH's behalf). few months after he received the possession, my husband went and did registration and mutations of the houses on his name.He didn't cancel the POA categorically as he belives once registration and mutations are done, POA has no power.Is that true?
    1)when possession, registration ,mutation and all formalities are over and my dh took the ownership of his properties being physically present, it is a done deal case. Under that circumstances, did .my DH have to cancel or revoke poa s doing a separate formality or the poa automatically becomes null and void? My DH says that those poa s now null and void as he already went to complete the registration etc by himself , though possessions were taken by my fil.

    2)for another flat which is on loan, though possession(by my father-in-law), registration , mutation (by my husband itself on his name)are done , the poa is still active for my father in law because he is the loan executor on behalf of my husband.the loan installment amount is directly sent to the builder from the bank every month and my father -in-law technically has no involvement.my question is do we have to keep the POA active until the loan is paid or we can withdraw it anytime before that?

    WHAT IS THE PROCEDURE TO WITHDRAW A POA. DOES IT BECOME NULL AND VOID AFTER THE ACTUAL OWNER DOES THE REGISTRATION AND MUTATIONS OR IT REQUIRES A SEPARATE FORMALITY TO NULLIFY THE POA.

    if anyone has ever given poa to others or parents, did you have to do anything to cancel it.please share with me if you have any info.

    Thank you so much.

    if anyone has ever given poa to others or parents, did you have to do anything to cancel it.please share with me if you have any info.
     
    Last edited: Nov 20, 2009
  7. Laks09

    Laks09 Moderator Staff Member IL Hall of Fame

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    Re: power of attorney of flat related question

    We had once given one to my Dad for some property purchase. We got it made and attested at the Houston Consulate. During possession, DH was in town, so he did the needful. Later we were looking to buy another property and when Dad went to them with the existing POA he was asked to make another one. The POA was given only to purchase the one property in our name and had already expired. We had to make a new one, which has also expired subsequently. I think there is an expiration date on the POA. Btw, there are two types of POA, one which the holder has powers only to buy in someone's name and not sell/pledge etc, that's what the builders wanted and that's what we got.

    Regarding revoking a POA, contact the consulate where you got it attested from. They should be able to give you more information.

    HTH,
    L
     
    Last edited: Nov 20, 2009
  8. GirijaRamesh

    GirijaRamesh New IL'ite

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    Re: power of attorney of flat related question

    Hi

    can you tell me is it Special Power of Attorny (SPA) or General Power of Attorney (GPA) is they registered- please clarify so that :thumbsupI can answer your ?
     
  9. newlife2010

    newlife2010 New IL'ite

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    hi.

    1) if a husband buys real estate properties and does registration, mutation of those properties on his own name , what is the legal procedure to include spouse's name and / or child's name in those properties later on?

    2) the spouse or child is not included in those properties, do they have sole rights over those properties even if there is no will or nominee? or husband's parents have equal rights over all the properties?The reason I am asking this is because if spouse and child have all the rights , then we don't need to go through the formal procedure of our name inclusion .But if the rights are distributed amongst husband's parents and spouse/child , that could be a messy situation.
     
  10. tashidelek2002

    tashidelek2002 IL Hall of Fame

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    Is the property in USA or India?
     

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