Family property settlement
My father in law died intestate in September 2006. My wife, my mother in law and my brother in law became the legal heirs for the independent house he purchased in 1962 out of his own income. Subsequently my brother- in-law died in December 2006 intestate. His wife and their only son also became legal heirs to the property.
By way of law of succession, my mother-in-law, has got a share of 4/9th of the property ( 1/3 from her husband, and 1/3 from her son’s share as a widowed mother), my wife got 3/9th (or 1/3rd) of the property and my brother-in-law’s wife and son got 1/9th of the property each. Currently my mother-in-law and the family of my brother in law dwell in the property.
My mother-in-law has made a settlement deed transferring her share to my wife retaining life interest. My wife currently has a share of 7/9th of the property .
All the legal heirs have decided to give the property for Joint development by a builder. The builder offers to build 6 flats in 3 floors. The owner will give 33.3% of the land to the builder for getting 66.6% of the built flats. In each floor two types of flats of size 1250 Sq. ft. and 900 Sq.ft. will be built. The builder would take 2 flats one of large size and one of small size in one floor.
The legal heirs have decided to take their share of flats as below.
1. My wife – 1 flat of size 1250.
2. My Mother in law – 1 Flat of size 900
3. My brother in law’s wife – 1 Flat of size 1250
4. My brother in law’s son – 1 Flat of size 900.
Considering that my mother in law has already given her shares through a settlement to my wife, retaining her life interest, how do we transfer the existing property amongst the heirs before making the joint development agreement with the builder.
Kindly advise. We want to proceed for the Joint development agreement by 1st week of September.