Preferential right to acquire property in certain cases -Sec.22

Legal Version/Simplified Version

(15) Preferential right to acquire property in certain cases -Sec.22

1. Whereafter the commencement of this Act, and interest in any immovable property of an intestate, or in any business carried on by him or her, whether solely or in conjunction with others, devolves upon two or more heirs specified in Class I of the Schedule, and any one of such heirs purposes to transfer his or her interest in the property of business, the other heirs shall have a preferential right to acquire the interest proposed to be transferred.

2. The consideration for which any interest in the property of the deceased may be transferred under this section shall, in the absence of any agreement between the parties, be determined by the court on application being made to it in this behalf, and if any person proposing to acquire the interest is not willing to acquire it for the consideration so determined, such person shall be liable to pay all costs of or incident to the application.

3. If there are two or more heirs specified in Class I of the Schedule proposing to acquire any interest under this section, that heir who offers the highest consideration for the transfer shall be preferred.

Simplified Version

(15) Preferential right to acquire property in certain cases -Sec.22

1. Where more than one successors to the instestate property and if one of the heirs wants to transfer his/her share of property/business then the other successor(s) shall  have preferential right to buy that property.
   
   
2. In the case of disagreement between them on the matter of transfer price then transfer price shall be determined by court.
   
   
3. If more than one successors are interested to buy the property which is being transferred by one successors, then the successor(s) who offers the maximum price will be able to buy the property.