My Father and his brother constructed a building in Pune, Maharashtra in 1947. The building had six flats. In 1977, after the death of my father as well as my uncle , a partition deed was signed between heirs of the two brothers. Each family inherited 3 flats. Entries were made in property card accordingly. In 2013, since the building had become old , both the families decided to demolish the old building and construct a new one jointly. The building was completed in 2016. Both families contributed their share equally. New building has 5 flats of different areas. As per our mutual agreement me and my brother have been allotted 3 flats and my cousins (2 brothers and one sister) have been allotted 2 flats. Both shares are equal in value. In the new arrangement, me and my brother own one flat each individually and on flat jointly. My cousin sister is selling her share to her brothers and they will own one flat each. 1.We want each flat to have clear marketable title with proper entries in property card. 2. What document we need to make. What will be the stamp duty.The largest share is 25%. 3. We had made a MOU/Consent deed but the registrar refused to register the document. Kindly advise.
First answer received in 30 minutes.
Lawyers are available now to answer your questions.
Partition deed will execute. Stamp duty payable in such a case is Rs 1,000 for each share of the property. Further, the registration fee will be Rs 500.
In partition deed, can bifurcate the address of flats. Like if house no. is 33 than flats number will 33(1), 33(2) and so on.
deed of family settlement should be executed wherein it should be mentioned you and brother have been allotted 3 flats and would be absolute owners of said flats
2) your cousins have been allotted 2 flats . sister relinquishes her share in the flats
3) it should be duly stamped and registered
In 1977 partition deed between two families was done. Do we have to make one more partition deed between the families? Will there be one document between the cousins and second document between me and my brother.We want EACH FLAT TO HAVE CLEAR MARKETABLE TITLE i.e. I should be able to sell the flat in my name without requiring signature of anyone else. The flat jointly held will obviously require both brothers signature. You have not indicated what will be the rate of stamp duty and registration.Kindly advise.
Stamp duty and registration charges for partition of ancestral property (joint) already informed you. Both give POA to each other to sell share on behalf.
1977 partition deed is valid but now nature of property is changed. 50% ownership is clear but now which flat belongs to whom is a question. Execute MOU, mention of previous partition deed and now whcih flat belogs to whom and get it notory on 500rs stamp.
Stamp duty would depend upon market value of property
deed of family settlement would mention the flat falling in share of each brother and cousins
As far as the immovable property is consent you may have to make a legally valid deed namely a partition deed or family arrangement or settlement deed among the shareholders.
Even now on the basis of the redevelopment of the building you all can draw a partition deed and mention each individual's share in the property as different schedule.
The registrar has to register this partition deed.
In Maharashtra such deed would not attract any stamp duty for the transaction happening within family members.
If the 1977 partition deed was not done by a registered document then it is invalid in law.
Hence you may get a partition deed drawn afresh and get it registered as per the mutually conditions
1. IF you had created a Stamp Duty paid & Registered "Development Agreement" (DA) between both the occupant family members, clearing defining the relevant property's division and each persons shares THEN this DA is self-sufficient to constitute a "Clear Title Ownership" document, for all futuristic Sale /Gift /Transfer /Mortgage /Donate /whatever ....
2. IF the above was not done, THEN today, based on the Partition Deed of 1977, and a Affidavit cum Indemnity Bond, "ALL" beneficiaries, by mutual consent and joint signatures can create a registered "Family Settlement Deed" with strategic clauses clearing defining the relevant property's division and each persons shares.
3. Stamp Duty would depend on the prevailing circle rates (minimum 1000/-) and Registration Fees: 30,000/- (maximum)
1. There should be two settlement deed executed between family members as per shares of previous partition deed.
2. One settlement should be executed between you and your brother and other should be between your cousins
You need to just make the joint flat separate by gift deed or relinquishing the share in the same. Ask the reason under RTI if not given file writ petition in high court
