Draft a Deed of family settlement
Deed of family settlement
THIS FAMILY SETTLEMENT DEED is made and entered into Act Mumbai on this …….. day of ……………….., 2010 BETWEEN
Name(A)
Address
Name(B)
Address
Name(C)
Address
Herein after collectively refer to as the “Family Members”.
WHEREAS, One Mr. (A) purchased a flat being a flat No. …. Situated at {Addersss}, vide the agreement dated …………., in the joint names of (A), (B) & (C)
AND WHEREAS, during the life time of said (A), also helped and purchased separate flat for the purpose and in the name of ………………… i.e. the flat No. ………….. {Address}
AND WHEREAS, during the life time of said (A), also helped and purchased separate flat for the purpose and in the name of Mr. …………………….. , {Address}
AND WHEREAS, said Mr. (A) Expired on 20-1-20010 and thereafter with the intention and purpose of maintaining family unit and peace, the family members herein decided amongst themselves to mutually settle their interest amongst themselves, in the manner provided herein below and since the parties are desirous of avoiding any future problems, it is decided by the parties hereto, to reduced in writing the terms and conditions, which appears herein below.
NOW THIS INDENTURE WITNESS AS FOLLOWS :
- It is decided between the parties hereto that as far as flat No. …….. (Address) standing in the name of, (A) Shah is concerned, the same shall herein after be transmitted in the names of …………. (A) Shah and for the purpose …………. hereby further declared that hereinafter the abovementioned flat No. …………… shall be the sole and absolute property of ………………… and they shall be at liberty to deal with the same, as they desire.
- It is hereby further agreed between the parties hereto that as far as flat No. ………… is concerned it shall stands in the name of ………………, and the said flat shall be the sole and absolute property of ………………. and he shall be at liberty to deal with the same, as he desires.
- It is hereby further agreed between the parties hereto that as far as flat No……………….. is concerned, the said flat shall stands in the name of …………….., and the said flat shall be the sole and absolute property of …………………, and he shall be at liberty to deal with the same, as he desires.
- It, is categorically agreed between the parties hereto that all the brothers namely, …………………….. and the said flat shall always remain exclusive and absolute property of Jayesh (A) Shah and that no other brothers and /or his/ their heir or legal representatives will claim any rights or interest therein.
- It is hereby categorically agreed and decided by the parties hereto that hereinafter, each brother shall be the sole and exclusive owner of their respective flat and even after the death of their mother …… the flat No. 786, situated …………. shall be sole, absolute and exclusive property of said ………… and his wife …………. and it is further declared and confirmed by the parties hereto that neither the other brothers namely ………………. and /or their any heirs nor legal representative, will claim any rights or interest in respect of said flat No. …………………………….and similarly it is declared and confirmed by ……………………..and
Mrs. ……………. that neither they will nor their any heirs nor legal representative, will claim any rights or interest in respect of aforesaid flat ………………….
IN WITNESS WHEREOF PARTIES hereto, set and subscribe their respective hand on the day and year first herein above written.
Signed and Delivered by the withinnamed )
…………………………………………… )
In the presence of )
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……………………………….. )
In the presence of )
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In the presence of )
Signed and Delivered by the withinnamed )
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Understanding the Family Settlement Deed: A Legal Overview
A Family Settlement Deed is a legal document used to resolve disputes or disagreements within a family regarding property, assets, or financial matters.
It is typically created when family members decide to amicably settle their differences without resorting to lengthy court proceedings.
This deed serves to formalize the agreement between the parties involved, ensuring clarity and mutual understanding. Below is a breakdown of a typical Family Settlement Deed, demonstrating how it works in practice.
The Family Settlement Deed
This Family Settlement Deed is entered into on this 2025 in Mumbai, India, by and between:
- [Name of A], residing at [Address of A]
- [Name of B], residing at [Address of B]
- [Name of C], residing at [Address of C]
Hereinafter collectively referred to as the “Family Members.”
Recitals (Background Information)
- Purchase of Property: Mr. [A] purchased a flat, identified as Flat No. [Number], located at [Address]. This flat was jointly registered in the names of [A], [B], and [C].
- Subsequent Property Purchases: During Mr. [A]’s lifetime, he helped purchase additional properties in the names of [Other Individuals]. These properties are detailed in the agreement to clarify ownership and responsibilities.
- Demise of Mr. [A]: Mr. [A] passed away on [Date]. After his passing, the family members agreed to resolve any property-related issues and ensure family unity by formalizing their respective ownership rights in this Family Settlement Deed.
Terms and Conditions of the Deed
1. Transfer of Ownership of Flat No. [Address]
It is agreed that Flat No. [Address], originally in the joint names of [A], [B], and [C], shall be transferred to [A]. The property shall be the sole and absolute property of [A], who will have full rights to deal with it as desired.
2. Ownership of Flat No. [Address]
Flat No. [Address], initially purchased for [B], shall remain in the name of [B]. This property will henceforth be the sole and exclusive property of [B], and he/she will have the liberty to manage and dispose of it as desired.
3. Ownership of Flat No. [Address]
Flat No. [Address], which was purchased for [C], will remain in the name of [C]. It will be considered the sole and absolute property of [C], and he/she will have full rights to deal with the property as desired.
4. Exclusivity of Property Rights
The parties agree that the properties, including Flat No. [Address], will remain the exclusive property of the designated individual. No other family member or their heirs will have any rights or claims to these properties.
5. Family Unity and Future Claims
The parties agree that after the passing of any family members, including their mother [Name], the properties, including Flat No. [Address], will remain the exclusive property of the designated family member, and their spouse.
The remaining family members and their heirs will not claim any rights or interests in the properties mentioned.
Conclusion
In summary, a Family Settlement Deed is a legally binding document that helps families resolve disputes by ensuring clarity regarding the ownership and distribution of assets.
By entering into such an agreement, family members can prevent future conflicts and safeguard their respective rights over property.
The Family Settlement Deed is designed to avoid litigation by providing an amicable resolution, allowing for a peaceful and organized transition of property rights.
For those considering drafting such a deed, consulting with a legal expert is highly recommended to ensure the terms are fair and legally enforceable.
Contact Legal Light Consulting – LLC Lawyers for all your legal needs and guidance in drafting Family Settlement Deeds and other legal matters.
Why Choose Legal Light Consulting?
Legal Light Consulting specializes in helping clients navigate the complexities of property disputes and family settlements.
Their experienced team of lawyers can assist in drafting, reviewing, and finalizing Family Settlement Deeds, ensuring the protection of your rights and interests.
For more information or to schedule a consultation, please contact Legal Light Consulting today!
