Q:

Assalam-u-Alaikum,,!! I want to ask a question regarding a combined project we're planning to endeavour, in the lines below I'll explain what we want to in project afterwards I'll ask the questions. What we want to do: Actually we are a group of TEN people we want to buy a piece of land in housing society by contributing equally, some of the money we will pay as down payment and remaining we will pay in equal instalments of eighteen months. We are not doing this as a long-term business, we are just together in doing this project. We don't form a company or so. Need Advice in following: 1. How can we make these TEN people owner of this property? suggest us the unquestionable and undoubted procedure which may provide foolproof security and peace of mind. 2. How can we record the paid instalments, for example how a solid and secured receipt of an instalment can be given/prepared for every member. Summery is: How to make Owner's Document, how to make payment receipt document.

Friday, May 18th, 2018 by saadmasoodsaadi

Answers

  1. Property can be purchased jointly in the name of all 10 partners and a separate agreement between partners can be prepared through a lawyer.
    Installments can be given to one person for this purpose through cheque or bank transfer (as per a separate agreement between partners).
    or you may also execute a partnership deed and get it registered with Registrar of Firms.