Legal Question in Real Estate Law in India
Does it matter if the first name is mine or my wife's name.
What is the advantage of first name & second name ?? Does both the share holders have equal share in the im-movable property. Or does the first name holder enjoy any benefits ??
Thank you.
3 Answers from Attorneys
it does not matter ordinarily. But if the person who acquires the property though in the joint names of himself and wife, it is advisable to have the person who has spent the money for acquisition as the first name. Normally, both are presumed to have equal shares.
There is no difference in the matter of "legal rights" as to whose name is recorded first.
If you are referring to shares of co-operative society, then owner of the property is society and members/shareholders merely have right of occupancy, use etc. of particular unit.
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