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Types of property ownership
  • June 25, 2021
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In India, there are several types of joint property ownership.

The three forms of property ownership are discussed, as well as how each affects the rights and responsibilities of the owners/joint owners.

joint ownership of property

Depending on the nature of the legal hold that an owner has over an immovable object, there are many forms of property ownership. It may be absolute ownership in certain situations, but it may not be in others. In reality, depending on the number of individuals who own a given immovable asset, there are three forms of property ownership. We look at how each type of ownership affects the rights and responsibilities of the owners and joint owners.

 

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Property ownership is divided into two categories: individual ownership and sole ownership.

When a property is purchased and registered in the name of a single person, that person is the only owner of the property. Sole ownership, often known as individual ownership, is a type of ownership.  Even though other parties assisted the owner in arranging finances for the purchase, they do not have any rights to the property if the sale deed is solely recorded in the name of the primary buyer. With an example, the same is stated below.

Assume a buyer has enlisted the assistance of his wife in securing a down payment for a house purchase. Assume he additionally adds his wife to the house loan application as a co-applicant. However, the property is eventually registered in the husband’s name. In this case, the spouse would be the sole owner of the property. While it is true that the wife will have a legal entitlement to the property, the fact that the property is entirely held by the husband will not be affected by the country’s current inheritance rules.

Individual ownership benefits the title holder in a variety of ways. They have sole discretion over whether or not to sell the property. If the husband sells his residence in the case above, he is not legally obligated to take his wife with him. He may determine what to do with his property on his own. While the wife is entitled to a part of the selling earnings, whether or not she consents to the sale is irrelevant.

There would be no need to seek permission from anybody else in order to do so. Because there are fewer owners, it is also easier to divide such a property. When the owner passes away, his property is distributed according to the terms of his will. If there is no will, certain inheritance rules will apply, and the property will be divided among the late owner’s lawful heirs.

Property ownership by nomination

Joint ownership & co-ownership.

The immovable asset is considered to be under joint ownership when it is registered in the names of many people. Joint owners or co-owners of an immovable asset are those who possess the title to the property in such ownership. It is important to highlight that there is no legal distinction between joint ownership and co-ownership of property, and the two phrases can be used interchangeably. There are numerous options for jointly owning a property. These are some of them:

Joint tenancy: When a property’s title deed is based on the notion of unity and gives each joint owner an equal part of the property, this is referred to as joint tenancy.

This type of joint ownership is nothing more than a shared tenancy between married individuals. The title to a property is held jointly by married spouses under this arrangement. If any of them wishes to modify anything about their share, they’ll have to get the other’s permission first. In this situation, if one of the partners dies, the surviving partner will have entire ownership of the property.

Tenancy in common is a type of joint ownership in which two or more persons share ownership of a property but do not have equal rights.

The Hindu Succession Act, 1956, creates the coparcenary form of ownership among members of Hindu Undivided Families since Hindu law does not provide for distinct forms of joint ownership (HUFs). Every coparcener receives a stake in a coparcenary property at birth. This idea, which is comparable to joint tenancy, permits a kid to have an equal part in a HUF property while still in the womb.

If a property is owned jointly, each owner will have a voice in how it is disposed of or divided in the future. As a result, if there are disagreements among the joint owners, the sale and division of the property will be complex.

 

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Nomination property ownership

Nomination is a procedure through which a property owner can appoint someone to inherit his immovable property and other assets if he dies. Property nomination has also grown popular among property owners since it allows the landlord to ensure that the property is not left unclaimed or susceptible to litigation after his death.

This type of property ownership is common in cooperative housing groups, which require members to designate someone when applying for membership. In the event of the owner’s death, the cooperative housing association transfers the property title to the nominee.

However, while the property has been transferred in his name and he has possession, a nominee does not become the legal owner of the property. A nominee is a ‘trustee of the property,’ according to a 1983 Supreme Court decision, and is obligated to give it up to the late owner’s lawful heirs.

According to a 2009 Bombay High Court judgment, this nominee would only act as a trustee for the late owner’s legitimate heirs and would have no ownership rights over the property.

This implies that a candidate would have no say in the property’s sale or distribution. Buyers of real estate must thus verify that the seller is not a nominee but a genuine owner before proceeding with a deal in order to prevent future legal issues.

 

 

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Disclaimer: The views of this expressed above are for informational purposes only based on the industry reports & related news stories. Navimumbaihouses.com does not guarantee the accuracy of this article, completeness, or reliability of the information & shall not be held responsible for any action taken based on the published information.
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