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what is joint property registration?

Discussion in 'Housing' started by neha1, Jun 23, 2010.

  1. neha1

    neha1 Silver IL'ite

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    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.
     
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  2. Shanvy

    Shanvy IL Hall of Fame

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    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.
     
    Last edited: Jun 23, 2010
  3. neha1

    neha1 Silver IL'ite

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    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?
     

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