Conditional deed of settlement
Chinnappan
(Querist) 16 February 2022
This query is : Resolved
I and my son, an OCI (lives in the UK) own a flat in Chennai purchased in 2006. I have executed a CONDITIONAL DEED OF SETTLEMENT (CDOS) in his favour in 2014 and the same is registered. As per the CDOS, I, the owner of 50% share in the property and my wife together will enjoy the property to live, lease or rent the property and pay all taxes, including income tax on rental income during our lifetime. After our demise, my son will bequeath the property in his name. There is also a condition in the above CDOS that, I/we have the right to cancel the CDOS deed without assigning any reason anytime during our lifetime. But such cancellation needs only to be informed to my son after cancellation.
Now that my son wanted to execute a conditional deed of settlement in favour of his mother (my wife), to transfer all his rights (50% share) over this property and allowing her to live, lease, rent or sell the property as she deems fit along with my father, the other owner, and make use of such sale proceeds or rental income along with my father (i.e me)as they fit. After the demise of both parents, my son is to bequeath the property, if the same is still available (unsold).
Is it possible to execute such Conditional deed of settlement by my son and register the same.
kavksatyanarayana
(Expert) 16 February 2022
You stated that 50% share of the property and my wife together will enjoy living, lease, and rent. If such a condition is there, how can it transfer?
Dr J C Vashista
(Expert) 17 February 2022
Is there any such legal document as mentioned by you, inter alia, "Conditional Deed of Settlement" ?
You have further stated, "After our demise, my son will bequeath the property in his name...."
Is it a settlement or Will ?
Facts posted are disjoint and vague.
krishna mohan
(Expert) 17 February 2022
Settlement to give full rights otherwise it is a working arrangement. Better consult a lawyer specialized on property matter on legalities as once it is registered, it will have impact transfer of title ownership as it is a family settlement.
P. Venu
(Expert) 19 February 2022
The settlement deed, as executed, is legal and binding on all the parties? What is the necessity of subsequent settlement deed?
