Various forms of property ownership in India

Deciding the name of any person for the ownership of any property may prove to be a daunting task. In the following text, we will have a deep insight into the rules and guidelines regarding the inheritance of a property in India.

Individual Ownership

The term individual ownership simply stands for that a single person has the authority to sell, rent out or lease a property. Generally, no possibility of any kind of conflict or dispute generates in cases of individual property ownership but problem can arise when the owner is not staying in the premises of the same property. Under this type of condition, the owner can give power of attorney to someone who is very close to him and reliable beyond any doubts.

Joint Ownership

Joint ownership means that a particular property has owners more than one, and in the absence of one, other can make a decision. In the cases of joint ownership, there is no need for power of attorney. Even if one of the persons dies, the other one can be the whole and sole owner of the property. Even the making of will makes no difference in the matter of joint ownership. To sell or rent out a joint ownership property, the signature of both the owners are necessary and it’s almost impossible to change the decision once the deed is signed by both the owners. In case of husband and wife, if a permanent spilt like divorce takes place, both will have equal shares of the concerned property.

Co-ownership

The concept of co-ownership is highly recommendable if two people are making investment in the same property. Co-ownership ensures the relevant share of property as per the investments made by each owner. The share of property may depend upon the magnitude of investment. In case, no percentage of investment or ownership is specified in the deed, then each owner is entitled to have equal share in the concerned property. To avoid legal complications, each of the co-owners must have a separate co-ownership stating that in case of separation, each of the owner can decide their successors for their respective shares.

Nomination

The term Nomination is legally meant for the apartments in different kinds of co-operative societies. The nominee of a particular property cannot be proclaimed as an owner. Even after the death of original owner of the property, the concerned nominee cannot claim to be an owner until it gets found that the original owner has mentioned the nominee as his successor. The nominated person can become only a member of the society and a nominal owner after the death of original owner, but to be a legal beneficial owner, it is necessary for him or her to be named in the will.