Rewrite the settlement deed
Am Arumugam age 65 above and i have two son's and one daughter. i have one property its my self accquired property. that have ground and 1st floor and 2nd floor,my self accquierd property i earn for my children's enjoyment only.i had loan in this property at bank amount of 5lakhs in the name of my name surety of this property. in 2008 i arrange marriage of my 1st son i borrowed another some amount for my 1st son's marriage.after my 1st son's marriage he will totally changed he ask me one the share for his. I will shocked and i had some confused what about my another 2 children's. so decide to settle equal. in 2009 i write settlement deed of my three children's name and it registered. after 1months my bank manager called and ask me about the settlement and they told me cancel the settlement or settle the 5 lakhs amount.i have no money for settle the bank so i decide cancel the settlement and it cancelled the same registered office. after 2 months my 1st son argue and fight with me and went out my house with his wife,and file a case against me ask for the share. the court judgement is 2014. i proved is my self accquired property and i only take decision to whom to give the property. Now my only hope i want to settle my property my 2nd son and my daughter only..Please help me give me good suggestion my 1st son not respond for me he had wealth also..1, what i will do for settle my property my son and daughter only.
2, i want sell the property without his knowledge and sign of my 1st son.
3, i want to safe my son and daughter from my 1st son.
4, i am not interested even i give an single rupee for my 1st son.
Please give me your suggestions and help me..
Asked in Property Law from Chennai, Tamil Nadu
1) once gift deed is made duly stamped and regd you cannot cancel it unilaterally
2) you have to move court to set aside gift deed or settlement deed
3) had you not executed any such deed your children could not have claimed any share during your lifetime
4) it is better you gift property to yiur children equally to avoid legal complications in future
5) if you execute any will or gift deed in favour of second son and daughter your first son will move court and challenge the will or gift deed on yiur demise
One can understand your frustration especially when the children go behind the material benefits and do not have value for human life or relationship.
In my opinion, instead of executing a settlement deed in your 2nd son and daughter's favor, you may execute a registered Will deed on their names by equally distributing the properties on their names or by demarcating the boundaries as well as the share of properties each shall acquire as per your desire made known in the bequest of the Will.
The property consisting of three floors cannot be divided equally instead you can recite that the so and daughter to acquire first and second floor respectively and either of them may acquire the second floor but must compensate the other one with half the market value of that floor by cash.
This will ensure residence to you till your life time and also an arrangement for your two children as per your desire.
If you have repaid the bank loan in entirety then you are at liberty transfer or alienate your property at your sweet will. There is no fetter, express or implied, on your right to alienate your self acquired property. You can execute a gift deed in favour of your son and daughter by excluding your first son completely.
1. The Bank manager was right. You were not authorised to deal with the mortgaged property in any way till you cleared the loan amount lying with the Bank. Your said son and others have no right of claim on your self acquired property which you can give to any body you wish to,
2. You can sell the property, after getting the mortgaged released, to any one you wish to with or without the knowledge of any of your sons,
3. You can gift the property to your son and daughter and/or gift the sale proceeds received from the buyer of your property after clearing the mortgage, without the knowledge of your 1st son,
4. Fine, he can not do anything if you refuse to give him any of your properties.