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sikkankr (partner)     06 December 2011

Pre emption applicable for son after father settle land

my father got a land in chennai thro partition did by court  with 3 his brothers(with compromise memo ).

my father given me the land thro "deed of seetlement".

one of the compromise memo clause says , when sell the property , the preference give other 2 party by pre emption to buy,

my question is

the clause is applicable for my father only?


or

the clause is applicable for me also?

my father settle the property with all power.

pls help , other 2 asking very less money.



Learning

 5 Replies

sridhar pasumarthy (ADVOCATE)     06 December 2011

Dear sikkankr,

It appears the preemption right in the compromise memo will not bind you.

Anyhow, give a notice to ur uncles expressing ur intention to sell the property and ask them to offer their price for the same. 

Preemptory right will give a preferential right to ur uncles.  When they fail to offer highest price, then u can sell away to other buyers intending to buy at a higher price.  

1 Like

sikkankr (partner)     06 December 2011

Thanks for your advice,

the market value is very less , so i  cant give notice to uncles , third party ready to give 5times more than market value. and also no time to wait (6months) for giving notice. 

pls advice.
 

sridhar pasumarthy (ADVOCATE)     07 December 2011

Dear Sikkankr,

Is it a condition in the compromise that 6 months prior notice should be given to ur uncles?

Though market value is less, u can mention more value in the sale deed for which u need to suffer some loss by way of stamp duty and nothing more.

1 Like

sikkankr (partner)     07 December 2011

Thanks for your advice

 

Yes 6 months prior notice  to give other two parties if  any party sell .

but my father given me the land thro "deed of settlement".

condition applicable for me?

sridhar pasumarthy (ADVOCATE)     07 December 2011

Is there any condition binding legal heirs of the parties to the compromise?

Unless I go through the terms of compromise, i cannot clarify ur doubt precisely.


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