Sir, my family members are my father, myself n my younger brother. Now, we have 2 inherited properties that was inherited by my father from my grandmother and one new property purchased jointly by me n my brother. We have decided to divide the properties into 3 in the following
My brother get major share of the new property
My father get a share of the new property n one inherited property
I get a share of the new property n the other inherited property
Is there NY one single document that can be made n registered for this division in such a way that every individuals share is safe n can be used by himself for mortgage, rent or sale without the consent of others. Also this document should be enough for mutation n other municipal registration
Asked 1 year ago in Property Law from Shillong, Meghalaya
Deed of family settlement can be executed fir division of family properties
2) deed should be duly stamped and registered
1. All of you shall have to execute and register a settlement deed duly dividing the entire properties.
2. There will be only one original deed and two certified copies of the same.
3. it shall have to be mentioned in the said settlement deed as to with who will keep custody of the original deed and that other two executors will keep its certified copies and also that the executor who will keep custody of the original deed will be under obligation to submit the original deed to the concerned authorities like lending Bank or buyer of the other executors in case they ask for the same.
4. the said document shall have to be submitted before the appropriate authority to mutate the names of all the executors of the said settlement deed.
All three of you can execute a family arrangement to divide the properties in the manner mentioned by you. Thereafter, every title holder can apply for mutation of his separate share. The share that would fall to every individual after the execution of family arrangement will constitute his separate property which he can alienate in the manner he desires.
sir, thanks for your advice........I need to confirm that is this FAMILY SETTLEMENT DEED enough for transferring a share of the new property (currently held jointly in the name of myself n my younger brother) to the name of my father without any stamp duty. And, can the inherited property be transferred in my name during the life time of my father without any stamp duty
Asked 1 year ago
on basis of family settlement deed apply for mutation of property in your father name
2) your father can during his lifetime execute gift deed in your favour
3) gift deed should be duly stamped and registered
The properties proposed to partition among you, your father and brother can be divided legally among you all by drawing either a family arrangement deed or family partition deed .
You can make three different schedules of properties and allot one each om the basis of mutually agreed conditions.
Make the deed in three originals, get them registered and each one have one original registered copy after which you can transact the individual property independently
I need to confirm that is this FAMILY SETTLEMENT DEED enough for transferring a share of the new property (currently held jointly in the name of myself n my younger brother) to the name of my father without any stamp duty. And, can the inherited property be transferred in my name during the life time of my father without any stamp duty
The family settlement deed or family arrangement deed can be registered by paying the applicable stamp duty and registration charges to make it legally valid document so that there can be no litigation in future in this regard.