Property settlement - transfer from mother to sons

Vidhyashankar (Querist) 11 December 2011 This query is : Resolved
My mother intends to transfer her property equally to me and my brother. We intend to apply separate loans and construct a 2 floor house - one for each of us.

Now, what is the procedure for settlement. If there are multiple options like Family settlement , Gift deed etc. Which is the right option for the above requirement.

We have a sister. Should she be present during the registration of the settlement.

- Shankar

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Raj Kumar Makkad (Expert) 11 December 2011
Your similar query has already been resolved by me by way of PM.

prabhakar singh (Expert) 11 December 2011
Oh! is it so ,then no answer.

Devajyoti Barman (Expert) 11 December 2011
But it seems to resolvedby PM , not may be by open post.
Then I prefer to answer that if the mother wish to have her some sort of control over the property along with her son and daughter then it is better to execute family settlemnt deed.
Else to give them absolute right over the same , gift deed is always the best option.

Vidhyashankar (Querist) 11 December 2011
Dear Sirs,

Thank you for your response.

As a first timer, I posted the same query to Mr Raj Kumar as well as a post.

I have a second query which I have also posted Mr Raj Kumar.

My Home loan sales guy told me to get 2 separate settlement deeds for my brother and me. I didn’t understand that much.

Is there such a possibility. Can my mother do 2 settlement deeds for our respective Undivided Share of the Property.

Also this property is solely on my mother’s name and not an ancestral property. Is my sister still required to be present.

Devajyoti Barman (Expert) 12 December 2011
If you want separate shares for both of you then gift is the better option where the presence of your sister is not required.