M.o.u or settlement deed for inherited property

partner

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.

 
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