Users' questions

How do you transfer flat ownership after death to nominee?

How do you transfer flat ownership after death to nominee?

“A member of the society may by writing under his hand in the prescribed form, nominate a person or persons to who the whole or part of the shares and /or interest of the members in the capital/property of the society shall be transferred in the event of his/her death.”

Does nominee become owner of flat after death?

According to law, a nominee is a trustee or caretaker of the assets. He/she is not the owner but an individual who will be legally bound to transfer the asset to the legal heirs.

What are the rights of a nominee?

According to Indian law, nominees have the right and duty to facilitate transactions in case of the unfortunate death of the legal owner of the asset. The nominee will hold the money or assets only as a trustee until they transfer it to the legal heirs of the deceased.

Can a married couple own a co-op apartment?

So, he said, a married couple who bought a co-op apartment before 1996 took title either as joint tenants with right of survivorship (which is similar to a tenancy by the entirety) or as tenants in common.

What happens when the owner of a co-op dies?

When the Owner of a Co-op Dies. With tenancy in common, a deceased shareholder’s shares pass through his or her estate to heirs or beneficiaries. And while that would not be a problem if the decedent left the shares to the spouse in a will, it is possible that without a will, the shares would be split between the spouse and any surviving children.

Can a co-op force an estate to sell an apartment?

“Some courts say yes, and so the co-op can force the estate to sell the apartment to a buyer the co-op approves and give the proceeds to Mr. Smith. Others say that the will trumps the rights of the co-op and that Smith gets the apartment.”

Is the ownership of a co-op personal property?

Ownership of a co-op, however, is ownership of stock in a corporation — and securities are personal property.

So, he said, a married couple who bought a co-op apartment before 1996 took title either as joint tenants with right of survivorship (which is similar to a tenancy by the entirety) or as tenants in common.

When the Owner of a Co-op Dies. With tenancy in common, a deceased shareholder’s shares pass through his or her estate to heirs or beneficiaries. And while that would not be a problem if the decedent left the shares to the spouse in a will, it is possible that without a will, the shares would be split between the spouse and any surviving children.

“Some courts say yes, and so the co-op can force the estate to sell the apartment to a buyer the co-op approves and give the proceeds to Mr. Smith. Others say that the will trumps the rights of the co-op and that Smith gets the apartment.”

Ownership of a co-op, however, is ownership of stock in a corporation — and securities are personal property.