Getting title deed of residential house in South Delhi
Father is the owner of residencial flat earned by him self. The property is free hold from L&DO. Conveyance deed is registered with three parties 1 one out sider 2. Father 3 mother having 1/3 share of each in the undivided earth/ land.
For a clear understanding a partition deed was made between three by accepting basement and ground floor by no.1 . First floor by no 2 and terrace with right of construction by no.3. This partition deed was got registered at Delhi.
The original title papers I.e. Conveyance deed and partition deed was kept by part no.1 with a written under taking that no1 will keep the the original titles and will present as and when needed by any one in future.
Now we want a separate title by way of family settlement to transfer the property to the sons of no1 and 2.
Can this settlement deed considered as a clear title. Can it be registered with registrar. What will be the stamp duty. Regular or any concessional.
Asked 6 months ago in Property Law from New Delhi, Delhi
Deed of settlement should be stamped and registered .
2) stamp duty is state subject and varies from state to state
Though the partition deed duly registered becomes the title deed, since the other owner wants to settle his property to his sons, he can prepare and execute a registered settlement deed based on the previous partition deed.
After this the settlement deed shall become the title deed and the partition deed shall become the parent deed.
The stamp duty is a state subject hence you may enquire about it in local.
No the title can not be taken by way of settlement deed. The party 2 and 3 have option of either getting a registered will made in favor of the sons - so after their lifetime the son's get the property. OR the properties can be transferred by way of gift deed for which stamp and registration charges of upto 4-5% will be paid for registration of the Title.
Best of Luck
1. The title of party 2 and 3 to the first floor and terrace respectively originates from the partition deed that had been executed by them with party 1. So a family settlement can be executed by party 2 and 3. If party 1 does not share the original partition deed then a certified copy of the partition deed can be obtained from the office of sub-registrar.
2. The stamp duty part can be answered only by a local lawyer as it is not uniform throughout India..
Can a "settlement deed" duly registered with registrar, after payment of due stamp fee, can be considered as a title/legal document for want of finance from bank? Original partition deed is with party no 1 and not available for exibit and certified copy from registrar is not acceptable to bank hence this exercise to avoide the stamp duty to its minimum.
Asked 6 months ago
bank would not grant loan merely on basis of settlement deed
2) bank would want inspection of all original documents of chain title before sanctioning loan
Settlement deed is a valid title document.
The bank cannot reject this as otherwise.
Thus you can go ahead with the settlement deed.
No registered settlement deed is a document of settlement between family and hence does not transfer or conferrs title hence would not be accepted by bank
The settlement deed, if it settles the property between the co-owners or heirs of the co-owners, is a valid document of title to the property. The banks do sanction loans on the basis of the partition or settlement deed.