Property settlement
VISHAL
(Querist) 21 June 2014
This query is : Resolved
My aunt has relinquished her (50%)share in the property to my father by executing relese deed (without receving any consideration)to make my father sole owner of the property now we are going to sell this property and we wish to give 5 % of the selling amount to her so how we should setlle this legally i.e which legal document we should make which will safegaurd our wish?
Advocate M.Bhadra
(Expert) 21 June 2014
A Release can be made for consideration, that is, ‘payment’ or a ‘price’. It can also be made without receiving any payment or consideration.
In your case no need to her consent,your father can sell absolute.If you want to pay consideration then you may collect a acknowledge receipt from her and take signature of her as a witness in present Sale Deed.
Rajendra K Goyal
(Expert) 22 June 2014
You can give an agreed amount or any amount against acknowledgement.
malipeddi jaggarao
(Expert) 23 June 2014
Expert Mr.Bhadra given you the correct method. Release deed by your aunt without any consideration is valid and your father is absolute owner.
giving 5% to aunt out of the sale consideration is a separate transaction. There is no need to link up this payment to the conveyance deed. As a good gesture, you are giving the amount.
If you so desire, you can obtain an acknowledgement. But what type of acknowledgement you can ask her? It may hurt her feelings.
Though she can rise any objection on the conveyance deed later, if you so desire, you can make her one of the witness (two witnesses are required for sale deed) in the proposed sale deed. She may accept this without any hesitation.
Legally she can not rise any problem.
As she benignly executed conveyance deed in your father, you people should be equally benign to pass the money you wish to give her without hurting her feelings that too when there is possibility of any problem legally.
Biswanath Roy
(Expert) 23 June 2014
Upon the Deed of Conveyance you take your aunt's signature as a Confirming Party of the transfer INTER-VIVOS and pay her 5% from the sale proceeds as 'premium'.
T. Kalaiselvan, Advocate
(Expert) 25 June 2014
Since there was no mention about consideration amount in the release deed, the amount of 5% of sale consideration which you are intending to give it to your aunt can be given to her in the form of cheque/DD/transfer to her bank account, by duly getting an acknowledgment for her for that amount so that neither she nor her kith and kin shall ever have a dispute over the property in the future.
