Need Advice - Financial

I think since so much money is on the line, everything should be drawn up by a lawyer, like your fil suggested. Your dh should have a talk with fil and remind him of the agreement. I hate to cast suspicions on family members, but when the stakes are high sometimes people change and things turn ugly. Better to be safe than sorry. Insist they sign away their rights to the house. The apartments should not be purchased until a contract is made.

Maybe some other ladies who have purchased flats or inherited homes in India can give you further suggestions.

 

hey,

a contract has to signed by ur SIL stating they wont claim the property. here for ur SIL's safe side, they can include words stating that a apartment will be given to them instead of a share in the house. so ur DH should also sign.

here u and ur sil's are on safe side. u need not worry whether they'll ask for a share in the and ur sil has an agreement that they will get an apartment for them.

its better to sign the contract in case of property. dont do anything without a lawyer. coz realtionships bitter in finance issues. y to loose realtionship for the sake of money. do it properly so that both can be happy.

raha

 

even though ur fil has good intentions, later who knows ur sil might try to ask for a share from that house, girls and sons have equal rights on properties earned by their father unless the father has written a Will giving the house to ur dh.

if u dont feel comfortable dont fall into the trap, u know more better abt ur dh, inlaws and sil, are they good, will they keep up their word.

did u evaluate how much the land is worth and how much it will cost u to build there and is it equivalent to the apartments u plan to buy for ur sil? or is it better for you to divide that plot into 3 and later u build ur own home.
one of my relative was in same situation, whatever the cost of the land they divided into three and gave the cash to the sil's and they retained the land. check out which works best for you, but like others say make sure ur sil's sign the contract.

 

This is my understanding of the situation based on how it was handled in my friend's case.. i could be wrong if i had missed some information in my friend's case.

A property owned by your FIL, cannot come to the hands of his son unless his other children sign it. Be it for the safety of you/DH or not, its legally not possible i think. your FIL would be possibly giving a gift deed to your DH, and the land sale agreement need to be signed by your SILs. without it, there could possibly be problems with you getting a bank loan also.

Ask your DH to tell that his friend told him that its not possible without all these formalities legally. if you start consulting a lawyer, lot of these 'only if's would come out. Consult the panel of lawyers in the bank you are going to take your housing loan with, so that everything is done properly, and loan would also be sanctioned sooner.

 

Valuable Time,

These doubts and suspicions go both ways. Your SILs could also worry that your husband would take the house if they have signed their rights away, but then renege on his (and FIL's) verbal promise to recompense them for giving up their claims to their parents' property. So, they might have told their father than they want the flats booked first, BEFORE they sign anything that says that they will not claim his house!

The only way to work around these mutual suspicions is for your FIL to draw up a SINGLE legal document where your husband agrees in writing to pay for two apartments for his sisters, and, in return, they agree, also in writing, that they will give up any and all claim on your PILs' house. If all three siblings agree to these terms and conditions in a SINGLE legal document, then there would not be any issues or doubts or suspicions on the part of *any* of the siblings or their spouses. You will get peace of mind knowing that your SILs will not later claim the house and they will get peace of mind knowing that your DH will definitely reimburse them for giving up their claim to their parents' property. If your SILs later break their promise, then they will have to pay your husband back for the purchase of their flats and if your husband never pays for the flats, then your SILs can go ahead and stake an equal claim in their parents' house.

This is a win-win-win situation all the way around.

If you have a difficult time talking about this with your FIL, then get your husband to open up this issue with his father. Personally, if I were your husband or your SIL, I would not proceed with ANYTHING (such as signing blanket documents or booking flats) without a legal agreement in place that protects MY interests AND the interests of my siblings.

Not taking adequate precautions is the best way to ensure a complete disaster in the future and a bitter, broken family. Your FIL needs to wake up and realize this, and furthermore, your DH has to be firm in ensuring that there are no chances of a possible hanky-panky affair in the future.

 

dear.. registering the land in your hubb's name is the first step. its not possible for your fil or hubby to apply for a loan before the land papers are in his name. but i feel, for this to happen, your SILs have to sign that they do not want this piece of land that their father owns (and possibly the compensation they are going to get).

if you are going to take a loan in your name now, you should have by now started talking to a lawyer. if that is your bank lawyer, all these questions can be asked to a single person and you can move in the right direction.

for the registration, your DH need to be physically present. i was also wondering how you would handle that (assuming you are not in india).

 

one more question - if your DH is going to buy flats for SIL, whose name would those lands be registered in? if you are going to take the housing loan for those 2 flats, the land corresponding to those 2 flats need to be in your DH's name (my understanding.. mostly sure).. else you will have to compensate your SILs out of your pocket.