(Querist) 25 July 2021
This query is : Resolved
To save time and money even courts desire a amicable family settlement with out the intervention of the court among.the co shareholders of immovable property demarcating individual shares by metes & bound in writing ,and getting it registered Query does it amount to partition deed.
Dr J C Vashista
(Expert) 26 July 2021
On being registered (which is optional) the family settlement is a valid document qua title of share of each member / shareholder.
(Expert) 27 July 2021
Yes. It shall be treated as a Partition. In the partition deed, it has to be mentioned as all the family members decided to make the partition their property, and accordingly, it is executed. Then it will be treated as a partition deed. In some of the states like in AP, the family settlement deed (though it is the same as a partition) requires stamp duty more than the Partition deed. So you shall mention it as the partition. For the stamp, duty purpose inquire in local SRO/Document Writer or a lawyer who drafts the deeds.