Conditional agreement

Aziz (Querist) 18 April 2012 This query is : Resolved
My brother and i are joint holders of property in mumbai.I am paying a consideration to my brother to avail the following benefits on his share of property:
1. I will be the be the beneficiary for any income earned on his share of property.
2. Without my consent he will not be able to transfer his share of property.

We will prepare a rectification deed and register it.Is this agreement legal and is binding on both parties? Please note that as mentioned above there is no transfer of ownership.
Regards,
Aziz

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Devajyoti Barman (Expert) 18 April 2012
Rectification deed is not needed.
You have to prepare a partnership deed.

Raj Kumar Makkad (Expert) 18 April 2012
It shall be good if you frame Memorandum of Understanding (MOU) and get it registered. it shall be binding for both parties.

Raj Kumar Makkad (Expert) 18 April 2012
# Barman! It seems that you have not read the query carefully.

Shonee Kapoor (Expert) 18 April 2012
MoU as advised by Ld. Makkad.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

ajay sethi (Expert) 18 April 2012
sice you and your brother are joint owners of property and you desire to use his share of the property MOU as advised by mr makkad would be ideal .

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