How to sell a ownership right in a family arrangement

in advance mention the perticulars of the propery, then it will not affect another ur holdings

Instead of issuing a receipt for having receipt of the amount you both make agreement deed mentioning all the conditions and descripttion of the property.  It should be signed by wittnesses.

Better take an advocate's assistance for drafting.  It's a relinquishment of a part of your inheritence.  'The part' should be determined exactly (location -dimensions - boundaries) and the same should get reflected while taking advance and giving acknowlegement and later final settlement, the relinquishment deed is enough.

This is what I intend to give as a receipt:

A sum of 1 lakh is given to (so and so) by (so and so) as an advance for the creation of interest in the purchase of the property located in (location, area in cents) without relinquishing the inheritance rights. The total price of the property inclusive of the building with door number_______ therein is Rs.___________________. Upon receiving the full amount Rs.____________________ by (myself) who is the legal heir of this property, the inheritance right for this property (location, area in cents) having building with door number____________ shall be relinquished so as to have ownership and construction of the buyers house.

Please advice whether this is sufficient and will not create probems.

this is sufficient.will not craet a problem.mention the time period for recieving remainig amt.better get drafted by property lawyer. there r specialised layers and document writers u will get nearby your area"s registration office.

It is better to be in the form of agreement to avoid future complications.

Dear Business Owner,

First of all i would like to suggest you to make clarity with regard to what you are going to sell him by identifying the property with metes and bounds and by the time you receive the amount, you should specifically mention property with metes and bounds and the same shall be accepted by the other share holdrs of undivided properties, since now all three brothers are having only undivided share in the proeprties so now you cant specifically allot him any piece of portion or something else unless there is acceptance of the remaining share holders of the undivided properties. If you go against this logic, there may be chances of your other brother in going to court for creation of litigation. At the same time, you also feel bad in pass a litigation property to your brother.

S.A.NARASIMHA RAO KARRI

Mr. Business Owner, as i already told you - dont try anything on your own - take professional help to avoid future complications.

While I thank you for the recommendations and suggestion by many learned lawyers here, I must say that the property is divided under a family arrangement. My brother intend to purchase one portion of my inheritance so that he could build a house there. He is prepared to give me an advance to make sure that he could count on that land to construct a house for him. I had slightly modify the receipt as follows:

Upon perusing through the family arrangement I discovered that some properties of my mother is not included in the division of family arrangement. This was purposefully done to compensate an inequality that might arise in the existing division of property arrangement. Therefore I have added an additional statement in the receipt which I intend to give it my brother. The modified one reads as follows:

MR. BUSINESS OWNER,

As i have already told you unless u make in written family settlemen, you cant go ahead with sale or purchase of your future partition. if you go also, it would be a headache for you brother and urself. Becoz, in partition, there will be several complications. Hence, i recommend you first settle the matters on paper and go for sale of your share.

S.A.NARASIMHA RAO KARRI

 In the existing family arrangement the property intended for this particular sale is included as being my share. Therefore, if my mother and myself sign this sale transaction, will that preclude any complication arising from my other brother, hereinafter I say, younger brother. The situation is that my youngest brother is returning from Dubai and he needed a place to construct a house. He finds the property that I have in the family arrangement suitable to construct his house. As matters now stand, I am prepared to sell this particular share in the family arrangement to him to facilitate construction of his house. My younger brother is staying out of this as he already has a house. How could we proceed ? A complete settlement of undivided properties may be unlikely at this point in time while my youngest brother wants to build a house.