Father is the sole owner of self acquired the property (self purchased). The family of Father and five children have made a Family Settlement Agreement duly registered. Wherein, the property has been divided/share equitably among all five children. Original title Deed continues to remains in Father's name. Family is now desirous to sell the property as a whole. Father has not retained any share in the property. Will the Family Agreement act as 'transfer of property' to all children for purpose of sale? Will all the family members be signatory in the Sale Deed registration? Will Payments be made by buyer, directly to all the children in accordance to Family Agreement share?
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1. Since your father is alive, let him sell the property to the prospective buyer and divide the proceeds to all his children.
2. In view of 'FAMILY Settlement Agreement' already executed, let the beneficiaries in the family settlement agreement be signatories for the 'Sale Deed' to be executed in favour of prospective buyer. The payments can be made directly to the beneficiaries mentioned in the family settlement agreement by the buyer
1)father cannot sell the property as he is no longer owner of the property
2)property can be sold only by the 5 children
3) payments have to be made by purchaser to the 5 children according to their shre in property
4) only the 5 children would be signatories to sale deed
As father is too old, the family agreement was to relieve him of the sale process. Hence can the children execute the combined sale base on the registered Family agreement and POA from father?
you dont need POA from father as he is no longer owner of the property
2) sale deed can be executed by the 5 children only
Will the Family Agreement act as 'transfer of property' to all children for purpose of sale?
As the original owner (father) alienated the property by transferring the properties to his children executing registered family settlement deed, he is no more owner of the properties that have been transferred by him to this children.
Will all the family members be signatory in the Sale Deed registration?
The beneficiaries of the settlement deed are the owners of the property now, hence they only have the rights to sell the property jointly or individually to the prospective buyers.
Will Payments be made by buyer, directly to all the children in accordance to Family Agreement share?
The buyer has to pay the sale consideration amount to the sellers in accordance to the sale agreement conditions.
As father is too old, the family agreement was to relieve him of the sale process. Hence can the children execute the combined sale base on the registered Family agreement and POA from father?
Once the father transferred the properties by way of sale agreement to his children he has no rights or interests in it,
The beneficiaries i.e., his children can sell the properties jointly on the basis of the registered settlement deed executed by the father.