During the life span of a person, he/she makes hard-earned money which he invests to purchase an immovable property, which after his/her death will be devolved into his legal heirs, sometimes according to the will and desire of the person which were codified in a document called will and in rest of the cases the property goes through by way of succession.
Thank you for reading this post, don't forget to subscribe!The joint enjoyment of the property by all the heirs is until either of them wants to separate his or her share from the joint family property.
A partition can be claimed either by the mutual consent of all the co-owners or co-shares or through court by filing a suit for partition. In the case where partition takes place through the court either of the heirs among all the legal heirs had denied for the partition and the members of the family failed to obtain the mutual consent of the co-owners.
Where there is presence mutual consent of the family members the partition can be through an instrument of a deed of family settlement. The settlement deed is an instrument in writing executed to partition property and requires compulsory registration as per the provisions of Indian Registration Act, 1908. It requires to be signed by all the members of the family acknowledging that the said instrument is not made with any fraudulent means or under any undue influence or coercion from either of a family member. The deed is not only limited to properties but to the shares, claims, family feuds.
The agreement must mention all the names of the family members, detail of ownership of the properties and the specifics terms for the distribution of the property, and the concerned documents which may include maps, areas, house numbers, or so on.
Essentials of a family arrangement or memorandum of family settlement
In a landmark judgment, the Supreme Court laid down the main essentials of family arrangements titled “Kale Versus Deputy Director of Consolidation” 1976.
1. In order to resolve present or possible future in between family members and the arrangement should be bona fide and it must assure equal distribution of property.
2. This should not be made under any influence, coercion, and fraud.
3. Parties in the arrangement must have antecedent title rights, claims, and interest in the property.
4. Fair and equitable arrangement is final and binding on the parties to the settlement. -Monishaa Mahajan, Principal Attorney at Legal Help NRI and an Expert in NRI Matters.
