Memorandum of understanding for inherited properties
4WhatIsRight
(Querist) 13 October 2012
This query is : Resolved
We are four inheritors of property bequeath by our father.
Initially we had some conflict regarding to the share in properties, but now we have agreed to mutually settle the matter.
We intend to prepare a memorandum of understanding between us wherein all the heirs are to sign with a condition that we all agree to abide by the terms agreed therein and no one shall raise any further claim even if any contradicting discovery is made thereafter.
We are adding all details of the property and very clearly specifying as to who is to get which property.
We all have agreed to subsequently sign and execute all necessary documents for transfer of title of the property in favor of the one who has been allotted the same as per the m.o.u - deed of relinquishment, release, gift deed and ors. as and when required.
What shall make the m.o.u legally binding to all the parties and to ensure that proper legal remedies are available in case if anyone backtracks to honor the commitment.Will adding an arbitration clause be beneficial?
Do we need to get it registered?
if, yes, then where?-The state where the properties are situated or at any registrar's office.Or in any state where one of us is residing (We are living in three different states and property is located in fourth state)
What is the registration fee which is to be paid?
is there a technical difference (validity in eyes of law) between FAMILY SETTLEMENT and MEMORANDUM OF UNDERSTANDING?
IS there any other safer option available?
WE ALSO WISH TO MINIMIZE THE BURDEN OF STAMP DUTY AND FEES IN TRANSFER OF TITLE.
Sudhir Kumar, Advocate
(Expert) 13 October 2012
please consult any nearly available advocate. Pay him and get his advise.
V R SHROFF
(Expert) 13 October 2012
consult local advocate, draft MOU. adv ill do the needful
4WhatIsRight
(Querist) 13 October 2012
Dear Experts,
Thanx for all your valued advice.
I fall short of words to express my gratitude.
Especially Rajeev Sir, who has taken all the pain, selflessly, to explain the technicalities via pm, whereas he could have added points to his credit by replying to the query on the platform.
I ALSO AGREE WITH AND SHALL SURELY PAY HEED TO SUDHIR SIR'S ADVICE OF HIRING A LAWYER AND PAY HIM, BUT I WANTED TO HEAR THE ADVICE OF THE EXPERTS AT LCI, SO THAT I COULD JUDGE AND CHOOSE THE RIGHT COUNSEL WHO WILL STEER THE ISSUE TOWARDS A RIGHTFUL CONCLUSION WITH ABSOLUTE CLARITY. AN OPINION FROM SUCH LEARNED AND EXPERIENCED EXPERTS DOES MATTER.
"ALL LAWYERS ARE NOT EXPERTS"
I also acknowledge Raj Makkad Sir's reply via pm.
4WhatIsRight
(Querist) 13 October 2012
Dear Sudhir Sir,
i said i shall pay heed to your valued suggestion, and not pay you- as misunderstood by you.
to pay heed means to keep in mind / pay attention to.
i believe you were in haste and did not go through the subject matter properly.
SUCH MISTAKES ARE COMMON WITH PROFESSIONALS WHO ARE OVERBURDENED WITH WORK PRESSURE, AND MANY A TIMES SUCH OVERSIGHT LEADS TO COMPLICATIONS IN CLIENTS MATTER, AND to avoid such situation in legal matter before the learned court, I ALWAYS APPROACH THIS PLATFORM for valued opinion of the experts, SO THAT I CAN KEEP MYSELF AT PACE WITH THE LEGAL COUNSEL'S DECISION, AND UNDERSTAND THEM AS WELL.
"kill him dont, leave him."
"kill him, dont leave him"
still i apologize publicly if my query has hurt you in any manner, it was never intended or meant to be so.
Sudhir Kumar, Advocate
(Expert) 13 October 2012
I ws not wrong in my earlier comments. Please stand corrected. There was no oversight. So while apologising publicaly for one insult do not cause another one.
You have posted repeated threads on the same query.
I have alrady expressed my views on your project to challange the will.
It appears that you are lucky to have emicable resolve with relatives and now you want drafting of agreement. Such advise is not feasible on internet.
So please meet the nearest available advocate well veresed in local laws where prioperty is and seek his services.
4WhatIsRight
(Querist) 13 October 2012
Dear Sudhir Sir,
let me clarify my stand;-
I approach this platform, NOT FOR SELF INTEREST BUT to help others who are less privileged,i.e, the strata of the society which is economically weaker as well as a little less learned one and WHO do not have the tools to avail the noble services offered by such interactive platforms on the web.
PLEASE DO NOT RELATE MY ONE QUERY TO ANOTHER.
LIKE IN PRESENT QUERY ONE OF THE BROTHER WHO IS INHERITOR OF LARGE PROPERTY BUT IS PENNILESS TO FIGHT HIS OTHER BROTHERS MIGHT.
LEGAL SERVICES ARE NO LONGER EASILY AFFORDABLE BY CERTAIN SECTION OF THE SOCIETY AND MORE IMPORTANTLY IT IS ALSO DIFFICULT TO SELECT THE RIGHT LEGAL COUNSEL BECAUSE OF LITTLE OR NO KNOWLEDGE ABOUT THE JUDICIAL SYSTEM AND ITS COMPLEX PROCEDURE.THE OPINION OF EXPERTS ON THIS PLATFORM SHOWS THE PATH TO SELECT THE RIGHT COUNSEL WITH RIGHT APPROACH TOWARDS THE ISSUES RAISED.
i request you to never take things on personal level- To me all experts opining here are learned noble professionals with a commitment to do a larger good to the society.
I APOLOGIZE TO ALL PARTICIPATING PROFESSIONALS, THE EXPERTS, IF THEY HAVE EVER FELT OFFENDED BECAUSE OF MY QUERY OR COMMENTS, as they were and are never intended or meant to be so. i further clarify THAT I HOLD ALL OF YOU, the experts, IN HIGHEST REGARDS, AND I MEAN IT.
YOU ALL ARE DOING A GREAT JOB AND YOU ALL DESERVE SINCERE APPRECIATION FOR WHATEVER GOOD YOU ARE DOING FOR THE SOCIETY AT LARGE.
WE ALL NEED TO RISE ABOVE OUR PERSONAL LIKES AND DISLIKES, WHILE SERVING A NOBLE CAUSE.
I, LIKE YOU ALL, AM ALSO TRYING TO HELP OTHERS IN NEED IN WHATEVER LITTLE MANNER POSSIBLE, EVEN IF IT IS INSIGNIFICANT COMPARED TO YOUR CONTRIBUTION.
4WhatIsRight
(Querist) 14 October 2012
THANK YOU AJAY SETHI SIR AND KIRAN KUMAR SIR.
Ms.Nirmala P.Rao
(Expert) 14 October 2012
Dear Client,
Whether it is an MOU or Deed of /Family settlement which has been amicably arrived at by all the family members therein and if the same is not vitiated by fraud, undue influence, coercion, mistake, misrepresentation etc, court's would prefer going into the spirit of the document rather than the letter or terminology of the document used for an amicable settlement . Family settlement deed is perfectly valid and binding on all the parties thereto, if it's not vitiated by the above elements of fraud etc.
Ms.Nirmala P.Rao
Legal Expert
4WhatIsRight
(Querist) 15 October 2012
Dear Nirmala Madam,
can you elightenme on the subsequent steps after signing of family settlement / m.o.u, which shall minimize the burden of stamp duty?
