A partition deed for a property is executed to divide the property among different people – usually among the family members. A partition is a division of a property held jointly by several persons, so that each person gets a share and becomes the owner of the share allotted to him. It determines the terms of division and gives title ownership to the parties.
A partition deed enables the property to be divided among the co-owners of the property such that each co-owner is allotted his share thereby making him the rightful owner of the share allotted to him. Partition deed ensures the legal division of the property which is jointly held by several people. Once the division is done as mentioned in the partition deed, each member is entitled to sell, gift or transfer his share of the property according to his needs.
A partition deed is the basic document that defines the terms and conditions upon which the partition between the joint owners of the property is going to take place. It includes the proportion of each joint owner defining the area in the property being inherited by the joint owner. It includes all the relevant terms and conditions (if any) based on which the partition Is going to take place. It may also include any provision for buying out the share of the joint owner who is giving up his/her share in the property.
DRAFT OF PARTITION
THIS DEED OF PARTITION made at (city) this ___ day of __________, 20__,BETWEEN Mr. _____________,s/o____________, R/o ____________________________ Hereinafter called First Party of the First Part, Shri ____________,s/o_______________, R/o ____________________, hereinafter called Party of the Second Part, (3) Mr. __________s/o________________, r/o_______________________, hereinafter called Party of the Third Part
WHEREAS Shri ___________ is the Karta and Manager of the joint and undivided Hindu family, carrying on the activities under the name and style of "______________________" (hereinafter referred to as "the said ___", consisting of the said ___________, his wife, the said __________, and the said ____).
AND WHEREAS the said _______ owned and possessed immediately before the partition one telephones Nos. ________and _______, __ shares in ________ Ltd. Bank balance of Rs._______ with ________, _________, _____________ Bank The HUF had also incurred certain liabilities.
AND WHEREAS the parties hereto have agreed on the ___ day of _____ to have a total partition all the assets held by the said HUF on such partition:-
___ Shares of _____________ Ltd. Rs. _______/-
___ Shares of _____________ Ltd. Rs. _______/-
Total Rs.________/-
The above-named shares will be transferred to ________ on receipt of Rs.________/-
AND WHEREAS the net capital of the said HUF immediately before the full partition is Rs.________ consisting of Rs._______ as bank balance and Rs.____/-
AND WHEREAS the parties hereto are desirous of affecting the full partition of the said HUF by donating the entire amount to a charitable trust.
NOW THIS INDENTURE WITNESSETH AND IT IS HEREBY AGREED AND DECLARED BY and between the parties hereto as under:
1. The parties hereto hereby declare that the said HUF has been fully partitioned on the ___ day of ______________.
2. The parties hereto agree to donate the entire capital of Rs.______- held by the said ___ to ___ ____________ (a public charitable trust).
3. The parties hereto agree to give further donation to _________________ as and when any refund is received from the income-tax department.
4. The said ____ has been allotted telephone number _______.
IN WITNESS WHEREOF the parties hereto have set and subscribed their respective hands on the day and year first hereinabove written.
SIGNED SEALED AND DELIVERED by the within named
1. ______________________
2. ______________________
3. ______________________
in the presence of............
WITNESSES:
1.
2.
No specific documents are required in order to draft and execute a partition deed. However, ID proofs of the parties in order to confirm the names and permanent addresses of the parties should be scrutinised. Documents evidencing clear title of the property/house in question could also be examined.
No set procedure is applicable in the making of a partition deed. The property documents evidencing the ownership of such property must be examined by a lawyer thoroughly. Once the agreement has been drafted by a lawyer, it should be specifically and carefully read by all the parties to the agreement. Any necessary changes required to be made shall be carried out and once the agreement is finalised, it shall be signed by both the parties along with the requisite witnesses. The partition deed is legally binding when it is printed on judicial stamp paper/e-stamp paper and signed by all the parties. The stamp paper value depends on the particular State in which it is executed. Each party should thereafter keep a signed copy of partition deed.
A partition deed is a legal document which includes clauses stating the terms and conditions between the parties. It needs to be printed on a judicial / e-stamp paper of the correct value and signed by all the parties. Since this agreement involves immovable property, it is required to be registered after stamping with proper value, as per State laws.
One of the first and the most important steps that you must undertake is to hire a good documentation lawyer as he/she is aware of the nitty-gritty of the legal procedures and necessary requirements involved in drafting of agreements. A lawyer would draft an agreement, better than you can yourself, for obvious reasons. A lawyer has the necessary legal knowledge and experience to handle and draft such documents. He/She will be able to guide you and draft for you according to your particular situation - the facts, circumstances and needs involved. A documentation lawyer is aware of good drafting technique and the clauses that must be included in your agreement. Hiring a good lawyer in order to draft such important legal documents is a prerequisite and will help you in more ways than one. He/She can also help with proper stamping and registration of the deed.
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