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Family settlement deed

(Querist) 24 April 2012 This query is : Resolved 
in which Act , i can read about family settlement deed,
i want to know that GPA holder can executed family settlement deed in favour of his nephiew .
SAINATH DEVALLA (Expert) 24 April 2012


. Family settlement deed is one of the most wanted online Indian legal documents. Family settlement deed is used for distributing the share of the family properties and dividing and sharing the family property as per the family settlements.

FAMILY SETTLEMENT


1) This family settlement is made on this ----------------------------------------------------------------------at----------------------------------------between the following family members:

The details of the properties with their ownership which shall be subject matter of the present family settlement are as under:

1. -----------------------------------------
2. -----------------------------------------
3. -----------------------------------------

The specific terms of the distribution of the said property shall be as under:

1. -----------------------------------------
2. -----------------------------------------
3. -----------------------------------------

OVERALL TERMS AND CONDITIONS OF THE SETTLEMENT

1. -----------------------------------------
2. -----------------------------------------
3. -----------------------------------------

Now this deed witnesses that in pursuant to the aforesaid agreement and in consideration of the settlement arrived at between the parties is hereunder, the parties hereby agree with each other that they will observe, perform and convene the terms and conditions stated here in above.

That it is hereby declared and agreed between the parties that this family Settlement ends all disputes between the parties relating to the respective rights and claims of the parties to the joint family properties and the parties admit and acknowledge the claims of each other towards their respective properties as per this settlement agreement.

All the conditions of the proposed family settlement have been fully explained to all the parties, who are the signatories to this settlement agreement and the said signatories have in consultation fully examined and considered the said terms and conditions and have given their free consent at their will without any force, coercion and / or inducement.

That the present Settlement shall be considered as final and conclusive and shall not be altered or changed at any subsequent stage of the settlement. All the parties of the present settlement shall be bound with the terms of the present Settlement agreement and shall adhere to the respective shares as demarcated and stated under the present Settlement agreement.

That pursuant to the present Settlement, this Settlement agreement shall be registered and all the parties to the present Settlement undertake to present themselves for registration of the present Settlement agreement before the authorities concerned.

That the present Settlement Deed will have a legal force and shall be presented, forwarded before the Authorities concerned for the transfer of the respective shares of properties between the parties. Should any party or parties require at any stage, the parties to the present Settlement agreement shall be bound to issue NOC and execute other documents that may be required with regard to the mutation of the properties.

That the parties to the present settlement shall voluntarily at their will, consent and execute the NOC with regard to the transfer of the property from their name to the beneficiary parties in terms of the present settlement. They shall further be bound to present themselves, execute, sign any other document required at any other stage for the transfer of these properties.

That the transfer of the properties pursuant to this Settlement agreement shall be along with the entire charge on the said property and the beneficiaries of the said property shall be liable and responsible for the payment of any dues against the properties, whether past or arising in future at any stage. The previous owner(s) of the properties under this Settlement agreement shall not be liable/responsible in future with regard to any claim or dues with regard to the said property at any stage. The entire dues whether notified or not shall be the sole liability and responsibility of the beneficiary / transferee, henceforth pursuant to the execution of this present Settlement agreement and they shall not raise any claim in this regard in any manner whatsoever.

In witness whereof the parties shall be unto set their hands.

Signatories:

1. ---------------------------------------
2. ---------------------------------------
3. ---------------------------------------
ajay sethi (Expert) 24 April 2012
power of attorney can be given for signing settlememnt deed
Raj Kumar Makkad (Expert) 24 April 2012
Transfer of Property Act.
prabhakar singh (Expert) 25 April 2012
All that a man can legally do himself can arrange the same to be done by his power of attorney.

When there are several persons from same family having similar rights in any single unit of property which has some conflicts as to share right title or interest,they can mutually resolve that issue among them by an act called family settlement and if the same relates to an immovable property then law requires it to be registered in writing, such document is called family settlement.

TPA just lays how can any interest in immobile property can be transferred.
SAINATH DEVALLA (Expert) 25 April 2012
yes,as adviced by the above experts.
Shonee Kapoor (Expert) 26 April 2012
I endorse the opinion of experts.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com


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