A Flat is owned by three people. While two of them actually paid for the flat ,the third name was added in the agreement for the sake of convenience .Does the third holder have any right to the property?Can he leave a share of it to someone else?
Broadly ,all joint holders have a share in the property. The exact right would be determined by the type of co-ownership specified in the sale agreement. Joint ownership can be of two types: tenants in common and joint tenants.
If it is tenants in common then each member has a separate and distinct share in the property. All owners can use the entire property ,but every co-owner has a specific share in the property.
The specifics should be mentioned in the agreement. Moreover on the death of the joint owners,the interest in the property would not pass to the co-owners ,but to the person named in the will of the deceased.
In case of joint tenancy,the property is owned by all three joint holders equally.If a co-owner dies ,their interest automatically passes on to the other surviving joint tenants.
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