Malar Vannon 21 February 2018
R.Ramachandran (Advocate) 21 February 2018
When you say Gift Settlement Deeds, whether they were registered in the Sub-registrar's office?
Malar Vannon 21 February 2018
R.Ramachandran (Advocate) 21 February 2018
You divide the property amongst yourselves in the same proportion in which it was gifted to you. Now, it has to be properly demarcated. You can reduce this into writing. How both of you obtained/have equal share has to be properly stated in the Partition Deed. The partition deed in your case does not require Registration.
Malar Vannon 21 February 2018
R.Ramachandran (Advocate) 21 February 2018
Registration of partition deed would be required only if any rights/interests in property are created afresh. In your case, you both already have interests in the property. All that you propose to do is to demarcate it by metes and bounds. That does not create any fresh interests/rights. Therefore, I said that the partition deed in your case does not require registration (involving payment of stamp duty, which is otherwise unnecessary).
However, there ought to be provision for registering the partition deed, without insisting for payment of stamp duty, but only on payment of registration fee (which is only very nominal). Once such a registration takes place, that will serve well for all your future needs.
Therefore, better check up with Sub-Registrar's office, explain to them how no fresh interests are being created, but only existing rights are being demarcated, and whether simple registration (without payment of Stamp duty) is possible.
Act accordingly.
Malar Vannon 21 February 2018
Malar Vannon 21 February 2018
R.Ramachandran (Advocate) 21 February 2018
As you rightly state, one extra certified copy of the partition deed can be taken. If at all, you would be mortgaging only your portion, the same can be done on the basis of the same partition deed. Anybody who would like to take the property on mortgage would also independently make encumbrance check and satisfy themselves. So, I dont think it would pose any problem. Further more, on the basis of the said partition deed, you will also get suitable mutation in the Municipal Records.
Malar Vannon 21 February 2018
Malar Vannon 21 February 2018
R.Ramachandran (Advocate) 21 February 2018
Yes, on the basis of one copy of the partition deed, your brother, if he so desires can mortgage HIS PORTION of the property.
Mutation in municipal records (may be patta) in your area.
Malar Vannon 21 February 2018