Property can be partitioned between co-owners by means of partition deed which divides the property among different people. A partition of property is a division of a property which has been held jointly by several people, so that each co-owner in the property gets a share accordingly to become a shared owner of the property. The property partition is done by dividing the property according to the shares to which every co-owner is entitled to in applicable law. Every partitioned property gets a new title while each sharer gives up his interest in the property of other sharer’s property share. Once the property is partitioned the owner can deal with further details of the property in any manner as per his desire, he can sell transfer, exchange or gift the property as an absolute owner of that property. Every time the partition is done by mutual consent of the co-owners, and respective partition deed is need to be registered at the office of the sub-registrar of the place where the property is located.What is a Co-owner?Co-owner is the owner of the property which own a house or a property with another person. According to the law, co-owners posses a legal share in the property which is shared between property owners which may be two or many. Co-owner is liable to pay the property tax according to the share in the property. Co-owner is a different entity than the co-borrower; co-borrower shares a loan for the property but does not own a share in the property.Co-owners’ share in the propertyCo-owners share in the property is undivided; the respective shares of the property must not be physically ascertainable with definitive boundaries. The co-owners share in the property may not be equal in the property they may differ according to their investment in the property. Co-owners will have either equal share or certain percentage of the property share. Co-owners’ share in the property can be transferable or inheritable according to the prescribed law for the co-ownership of the property.Partition DeedPartition deed is mandatory to divide property between co-owners and it needs to be registered with respective sub registrar’s office. If one or many co-owners are not ready partition the property then the process of dividing property becomes different which needs a partition suit which must be filed in the appropriate court of law. Partition of property is also liable to the laws of property inheritance which are applicable to a particular person. Such property can further be willed away and various other laws may apply to such property. Such properties can further be inherited according to the Hindu Succession Act.Partition deed creates new owners of the property for which it need to be registered at the sub registrar’s office to make it legal. Such registered partition deed must mention the date from which the partition of the property is effective and it should also include names of the parties and their respective shares in the property.займ на карту без отказов круглосуточновзять кредит онлайн