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You can purchase a house from your father-in-law and take a housing loan for it provided you fulfill the legal procedures essential for the transaction,which includes payment of stamp duty and registration of the property in your name. The property transfer should follow all the guidelines specified under the Transfer of Property Act. Also the bank you approach needs to be convinced that it is a genuine sale transaction between you and your father-in-law.

If in a sale agreement,the names of joint holders is not mentioned with the percentage share of each owner can a person with the first name claim to be the sole owner of the property and sell it without the consent of the second party?

— Mansoor Ali,Mumbai

According to the Transfer of Property Act every joint or co-owner has a proprietary right of the entire property. Hence,any sale has to be done with the consent of all co-owners involved. If,however there are specific conditions in the agreement that gives co-owners exclusive rights to certain parts/portions of the property,a co-owner can sell his portion to whom he chooses.

I want to invest in real estate. How safe is my money in case possess-ion of the property is in 2015 and the builder goes bust. Will I get my money back from the builder?

—Kavita,Pune

In the current economic conditions,some projects that are under construction are facing difficulty with fund inflows from investors. However,this could vary according to each individual project. To keep your investments safe,its best to invest in properties that are ready for occupation or due to be completed in 3 months or so.If you must go for under construction properties that are due a couple of years later,then opt to approach a reputed builder. Also,make sure the legal contract binding you and the builder mentions the clause specific to time lines of property completion and also indicates compensation if this time line is not met.

—The expert is CEO,Bankbazaar.com
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