I want to know that if there is a partnership between two people and the profit share is such that the first party is asking for 60% share and the second party is asking for 40% share. He is investing money to run the guest house but the property is in my grandmother's name. Can the first party sell or take possession of the property. But first party want to Partnership deed for atleast 3 year is there any fraudulent happen on my grandmother property during this period.
Dear Sir, Possession is NINE points in law. There are chances of cheating by First party if he enters the property. Be careful and better go for another property.
Dear Client, If the property is in your grandmother's name, she is the legal owner, no one else can sell or take possession of the property without her explicit consent. The deed must explicitly mention that the property remains the sole ownership of your grandmother and that the partner has no rights to sell or take possession of the property. If the first party wants a 3-year partnership, ensure that there are clear clauses and terms for termination that protect your grandmother’s interests. Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care. Before entering into a partnership, it's important to conduct thorough due diligence on the first party and their financial situation. This can help reduce the risk of fraudulent activity. Hope this answer help you.
