Deed for Family Settlement deferment
Querist :
Anonymous
(Querist) 19 December 2010
This query is : Open
Dear Sir/Ma'm,
My father, his brothers and sisters are a family of 6 people. We have our own property in Delhi. The owner of the property is my grandmother who is now deceased. A registered will was made when she was alive bequeathing the property in the name of my father and his 2 brothers. We now wish to reach an amicable settlement with my three aunts and for this we would like to have a family settlement. The situation is that currently we are not in a position to pay the settlement amount. My question is whether we can make a legal document which is like a promissory note in which we can defer the settlement amount until a suitable time when we are in a position to pay. I would also like to know if such a document is made will it be binding on both the parties ie. my father and his 2 brothers and the second party being my 3 aunts. What steps can we take to make sucha document binding until such an amount can be paid.
