One property can be purchased by one or more persons jointly. If the property is purchased with any other partner, then both partners are co-owner of the property. Co-owner can be in blood relations, friends or business partners. There is no limit to have co-owner in a property.
a coparcener is a person who acquires a right in the ancestral property by birth and a person who has a right to demand partition in the HUF property. Prior to the amendments made by the Hindu Succession (Amendment) Act,2005, only male members of a family had a right to the Ancestral property by birth and they were only entitled to demand partition in the HUF Property and thus only male members were called coparceners.
Undivided property is physically undivided property between co-owners or coparceners. If the property is not divided in meters and boundaries, that properties is called undivided property.
Partition of property is the physical division of property by co owners or coparceners. The physical distribution of property means division of property in meters and bounds. Every Co-owner or Coparceners can identify his property and can construct or sale his part of property. The registration of Partition Deed is important to identify the share of each Co-owner or coparceners.
The Partition Deed is the agreement between the Co-owners or coparceners for division of property in meters and boundary. Partition Deed contains all the clauses and terms and condition. It also contains the consideration amount paid to each other of any. It also contains maintenance, mutation, etc clauses. It is always recommended to write draft with the help of professionals.
1. Photograph
2. Property Papers
3. Aadhar Card
4. Partition Deed
5. Stamp Duty