Family settlment on property
Querist :
Anonymous
(Querist) 16 November 2011
This query is : Resolved
Sir,
A property owned by My grandma was settled to my father and mother equally by a will. The will was registered.
Now my Grandma and father are no more. Hence my father's share in the property was automatically eligible to his legalheirs equally(25%)(i.e my mother and 2 sons and one daughter- Total 4 nos)
Now we have decided to register or name change the property under my mother's name.
To facilitate this process, the sons and daughter decided to surrender their shares to mother by entering into family agreement.
My questions are as follows
1. once the property is name changed under my mother, whether she is an absolute owner of the property.
2. If so,whether she can trnasfer this property to any one of her son by will.
3. Other son and daughter can claim legally.
prabhakar singh
(Expert) 16 November 2011
She is already exclusive owner of 1/2 by will.The other1/2 belonged to her husband who has died she got 1/8th more from that 1/2,the
each son and daughter owns 1/8 inherited from
their father and now it is proposed that each son and the daughter shall relinquish their share by a registered deed.
Just after this relinquishment your mother shall become absolute owner of the whole.
Then answer to your question are:
1]yes.
2]yes.
3]no.
But mind relinquishment of share at present is required by a registered deed simple no objection letter or affidavit is not going to work as you think.
Rajeev Kumar
(Expert) 16 November 2011
I agree with Prabhakar sir
Arvind Sehdev
(Expert) 16 November 2011
Could not have explained it in any better manner than what Prabhakar Sir did..
I agree with the expert....
Raj Kumar Makkad
(Expert) 16 November 2011
After becoming absolute owner by way of proposed settlement, you mother shall be duly entitled to will out in favour of any person including or excluding her sons and daughters.
Gulshan Tanwar
(Expert) 16 November 2011
Is it before 11th October 2011 or after 11th October 2011....
ajay sethi
(Expert) 16 November 2011
yes by execution of deed of relinquishemnt your mother would be absolute owner of property . agree with experts
Querist :
Anonymous
(Querist) 17 November 2011
Thanks for the replies.
One more query on the issue.
In case if there is no relinquishment deed is entered and whether my mother can able to transfer her shares (i.e 1/2 of her share and 1/8 of her husband) to any one son.
If she transfers her share like above, whether that son can able to sell that share to any third party or can he avail bank loan for construction of house.
I feel for sale and availing loan the area of share should be agreed by other son and daughter.
Am I right sir?
Querist :
Anonymous
(Querist) 17 November 2011
Dear Prabhakarji,
Please clarifty that How much cost is expected for registered relinquishment deed.
prabhakar singh
(Expert) 17 November 2011
From which state you are.??stamp duty charges are revenue of states;then they all have their own Act and rules but as it has to take place in a family it should not be too much as it is found on a sale.
prabhakar singh
(Expert) 17 November 2011
My answer to your preceding query:::
"In case if there is no relinquishment deed is entered and whether my mother can able to transfer her shares (i.e 1/2 of her share and 1/8 of her husband) to any one son" TO YOUR THIS QUESTION "YES" IS THE ANSWER.
"If she transfers her share like above, whether that son can able to sell that share to any third party or can he avail bank loan for construction of house."OF YOUR THIS QUESTION YOU ALREADY HAVE THE ANSWER AS"I feel for sale and availing loan the area of share should be agreed by other son and daughter." THEN FOR THIS NECESSITY A PRE PARTITION OR THEIR PRE CONSENT WOULD BE A PREREQUISITE.
Shonee Kapoor
(Expert) 17 November 2011
Agreed with Ld. Prabhakar Singh
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Sailesh Kumar Shah
(Expert) 19 November 2011
Mr.Prabhakar Singh has aptly solved both question of querist.
Guest
(Expert) 05 December 2011
Agreed with experts.
