Expert: Hans Weber, Licensed Broker Associate - 11/1/2010

Question
I bought a house in India.
The house was bought by my father to whome I had given my power of Attorney and the house is registered under my name and so is the sale deed

We right now reside in the US and I wanted my wife to be a joint owner of the property, since we applied for loan through a Bank in India the bank asked for a power of attorney to be executed in both our names,signed by my father to be used while applying loan and buying the house.The power of attorney was executed by a bank in the US with our photos and signatures authorising my father to buy the property on our behalf which was renotarised and used to buy the property in India.

My question :
1/ Is this house held by me and my wife in the ratio of 50:50 ( as joint owners )
2/Though the house is registered under my name will my wife be the joint owner of the property ?
3/ Can I sell the house without her consent or she is a must and we have to jointly sell the house.


Answer
Hello Kevin,

Thank you for your questions.

I think this is more of a legal question and I am not familiar with real estate/banking law in India.

I will try to answer based on what I know from New York.

(1 & 2) If you currently own the house you can add your wife as co-owner.  You can specify percentage share of ownership.  If you own it together as husband/wife then if one dies the other takes the ownership over.

(3) If you own the house together you both must consent to a sale.

Hope this helps.

Hans