We are 2 brothers and 1 sister and everyone has a daughter. Currently the property I am living in, is in name of my Father.I live along with them. My brother lives nearby in a rented accomodation. Now we want to make an arrangement in which I shall a buy a property of approximately half of the valuation of the current property in which we are living in along with my parents and give it to my brother for living purpose.
Also we want that in future, after my parents current property in which we are living in shall be transferred in my name and the property which I am buying now shall be transferred in the name of my brother.
My sister is ready for the same i.e. she is not asking any sort of right in any of the property.
The property which we are planning to buy now will be purchased in my and wife name and also a loan would be taken.
I want to know if there is a provision in the law that some deed or document be executed today which will resolve our case amicably and that deed is ir-revocable.
We want and all of us are agreed that today we can sign any deed which will make sure:
1) After my parents the current property will be transferred in my name without any issues.
2) The property which we are buying now will be transferred in my brothers's name without any issue.
3) Parental property will remain in name of my father or mother until they are alive.
4) My father is ready to write a will.
5) Property which we are planning to buy now, my bother can live in that without any issues, without paying any rent but until the parental property comes in my name, he should not be in a situation to make any legal claim on that.This point has been written because I learnt that if someone lives in a house for a long time it becomes very difficult to evacuate them.
5) Would also like to minimize the registry charges, if possible.
6) We lives in Uttar Pradesh.
Is Relinquish Deed a solution for above issue?
