Preserving your hard-earned possessions is always vital, and you should be aware of all the options available to you. Making a life interest in property is one of the crucial things you can do with your property.
Need help drafting the sale agreement? Check out NoBroker services Get your property documents verified by experts at NoBroker What is life interest in a property?To comprehend the life interest in property meaning, consider that an estate owner transfers their estate to a person. Under normal circumstances, the person who receives the estate will have full control over it, including the ability to transfer it to another party.
A life interest, however, allows you to give the property to a person for the duration of their life, after which it passes to the next generation or according to the terms of a will or deed.
A life tenant is a person who benefits from the creation of a life interest. Even though he/ she is the owner, such a person is not allowed to transfer the property to another person.
How to create a life interest in property India?
- Speak with an advocate:
Consult an advocate regarding the life interest clause in will India. A lawyer who is knowledgeable about property law can assist you in drafting a life interest deed that is both legally sound and resilient to future challenges.
- Make a deed of life interest:
The lawyer will then assist you in preparing the life interest deed and registering it. The life tenant's and the transferor's personal information should be included in the deed. The life interest provided to the life tenant should be discussed separately in the deed, which should also contain both parties' signatures. Through a will, the life interest deed should be carried out.
- Register the deed:
Similar to how it is done with a will, the last step is to have the deed registered where the property is located. Registration is required to make the deed valid, and doing so will produce a record that can be consulted in the future.
I’d like to conclude my discussion here about the life interest in property. I hope this helps:)
Read More:
What are the Will registration charges? Is a Legal Heir Certificate Mandatory for Property Transfer? How to get the property transferred from a person belonging to a different caste?Your Feedback Matters! How was this Answer?
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Authors Of The Question
What is Life Interest in a Property?
Sahil
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2 Year
2023-01-18T07:36:49+00:00 2023-01-18T07:36:50+00:00Comment
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