Case studies

Selling Assistance in Chennai for Non Resident Indian in USA.

Venkat, a green card holder living in Phoenix worked with a leading IT company in the US. His aged father lived with him until his demise in 2004. As his mother had passed away much earlier, he and his sister (also living in the US) inherited their ancestral property in Chennai. Due to the absence of a will, they were entitled to 50% of the property each. Given that both of them were well settled in the US and had no immediate intentions to return back, they decided to sell off the property.

They opted to seek the help of their uncle (obvious and safe option, generally speaking) in Chennai to do this job. They sent him a Power of Attorney (POA) for selling the property. For various reasons, the uncle just could not move forward on the matter. The prolonged delay led to the POA itself lapsing before any progress could be made. A common myth is that relatives in India are most willing and have nothing better to do than handling the chores of their NRI family members.

He had heard about YMI through some colleagues at work and having heard good reviews about the service, he promptly placed an order to sell his property. The property was in an old apartment but located in a prime locality in the heart of Chennai. Venkat wanted YMI to handle the job but without hurting family sentiments. So we suggested that he and his sister issue a fresh POA once again to their uncle. We got this adjudicated as per the requirement for the sale registration process.

Our Chennai team started looking for a suitable buyer through advertisements in local newspapers and by passing the information to known brokers and other YMI contacts. Though, it should have been easy to find a buyer for a property in a prime location, it did not happen as easily. The market price according to YMI's assessment was Rs.70 lakhs while Venkat was somehow stuck with an expectation of Rs.75 lakhs. This standoff continued for some time. Finally with some focused efforts, we found a buyer who was ready to pay the desired amount because he was very keen on this particular property.

At this point, YMI requested for a copy of all the property documents because they were required for scrutiny before the transaction was finalized. On legal scrutiny, when the lawyers went into details of the family tree, it came to light that Venkat had two children. The younger one being just born after we had started this sale process

Being minors, they weren't old enough to take a decision and as per Indian law the parent was also not allowed to take a decision on their behalf without court approval. Normally in such cases, the court will allow sale of the property under the condition that the seller shall deposit the entire amount of the minor's share of the sale proceeds in approved deposit instruments as directed by the court till they attain majority.

The process was complex and several documents were required to be submitted to the court. Venkat engaged a top notch lawyer known to his family. Unfortunately for him, the lawyer was too busy and case proceedings moved at a snail's pace. Fortunately for Venkat the buyer found by YMI was a patient person and understood the issues and was willing to wait. To ensure that the deal did not fall through, YMI constantly coordinated between the two parties and kept the buyer regularly updated on the progress of the case.

At last, after a long wait of one and half years the court finally accorded its approval to sale subject to certain conditions on the way the sale proceeds would be handled. Venkat ensured the conditions would be met and YMI quickly assisted both parties in concluding the sale formalities. Venkat was amazed at YMI's perseverance and hard work and sent some great feedback.



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