Apratim Biswas (Owner) 15 May 2012

Family settlement

Dear Sir

Two of my family members are in the process of entering into a family settlement over the estate (one immovable property) of their deceased father. The owner died intestate. I have three questions:

1) On what value of stamp paper does this agreement need be made on?

2) What is the process of registering this agreement so that it is ironclad? What is the competent authority for this registration in Delhi?

3) Your opinion on the language of the agreement. Whether it is proper or needs to addrss any points. The agreement language is given as follows:

Memorandum Recording Family Settlement

This memorandum of family settlement is made at Delhi this ____ day of _______20___ between ___an Indian resident residing at Flat No. ___ (hereinafter called "the Party of the First Part") and ___ (erstwhile ___) -___- an Indian resident, residing at _____________ ___________ New Delhi (hereinafter called "the Party of the Second Part").

and reference to the parties hereto shall, unless repugnant to the context or meaning thereof mean and include their respective successors and assigns.

WHEREAS:-

The parties hereto are related to each other, the party of the first part being the sibling of the party of the Second Part;
Serious disputes and differences have arisen between the parties hereto, relating to the Estate of Late ___. The sole asset of the said Estate is an immovable property designated ___ – hereinafter called the “Estate”, which have disrupted the peace and harmony within the family and reached a point where a serious threat of litigation has arisen;
With the object of resolving the aforesaid dispute arising out of the conflicting claims made by the parties hereto as stated above and for effectuating a permanent solution of all the outstanding disputes once and for settlement was arrived at for ensuring family peace and harmony after considering what was best in the interest of the parties and in expectation that the settlement would result in achieving amity and goodwill among the Parties and it was agreed that the parties and it was agreed that the settlement arrived at would be final and binding upon all the parties hereto and avoid any further disputes and or differences amongst the parties hereto.
The parties hereto, have come to a settlement after the aforesaid discussion with the help of mutual friends and relatives to resolve the disputes and differences, and a memorandum of settlement with certain terms and conditions was drawn with a view to avoid any future disputes and or differences amongst the parties hereto and that this memorandum has been entered into to record the said terms and conditions of the Family Settlement already agreed upon by the parties hereto.
Both the parties are entering into this agreement under their own volition and under no pressure or coercion from any interested or disinterested party therein and both are executing this agreement in complete lucidity of mind and in full possession of their faculties and senses.

NOW THEREFORE THIS MEMORANDUM OF FAMILY SETTLEMENT WITNESSETH THE SAID TERMS AND CONDITIONS AS FOLLOWS:

In pursuance of the said agreement and in consideration of the Estate, the parties hereto agree that the Party of the First Part shall apply to the Registrar / Court for grant of conveyance of the sole asset belonging to the Estate of Late ___, the deceased.
Without prejudice to her right to get her share in the estate of the deceased as hereinafter fixed and agreed to by the parties hereto, the Party of the Second Part shall give her letter of consent to the Party of the First Part for obtaining the letter / deed of conveyance as aforesaid.
In consideration of the said Estate, the Party of the First Part shall immediately after the letter / deed of conveyance has been obtained and the registration process has been completed with a clear title of the said premises being transferred to the Party of the First Part, pay a full and final settlement amount totalling and not exceeding INR ___to the Party of the Second Part.
All expenses of and incidental to the conveyance of the said premises shall be borne by the Party of the First Part.
It is expressly agreed by and between the parties hereto that the Party of the Second Part shall not claim any rights whatsoever, save as hereinbefore provided, on the Estate of the deceased – Late ___
Both the parties hereto confirm and declare that all the disputes and differences between them are settled and that neither of the parties has any further or other claim or demand of any nature whatsoever against the other.
The parties hereto expressly agree and declare that they have arrived at this Family Arrangement in order to put an end to existing and future disputes between the parties and with a view to bring about amity and goodwill amongst them and with a view to maintaining peace and bring about harmony in the family. The parties hereto further agree and declare that the terms of the Memorandum of Family Settlement arrived at between them and recorded herein are fair and bona fide and in the interest of all the parties.
The parties hereto shall sign and execute or cause to be signed and executed all such documents, deeds, writing and/or instructions as may be necessary to give effect to the Family Arrangement arrived at amongst the parties hereto. On ___________ and which is recorded in this Memorandum of Family Arrangement-cum-Compromise.
The parties hereto agree to abide by the terms of the agreement and complete the processes / conditions mentioned hereinbefore within 24 months of the date of execution of this agreement.