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Procedure for division of joint property by mutual consent


16-Mar-2023 (In Property Law)

I want to know the procedure for division of joint property by mutual consent.There are 3 properties of similar value held jointly in the name of 3 brothers and each one wants to take one property.What will be the procedure and ways for division by mutual consent? How can we save stamp duty? What documents will be required so that each brother will be a registered owner of the property that he is taking so that no NOC or any sort of affidavit will be required in future from other joint holders? Thanx in advance..

Answers (3)

Answer #1
690 votes
Pl share the details of the properties viz agricultural or residential or commercial, location etc. Normally you all three can enter a family settlement and therafter the release deed will be executed by the sharers who are releasing the share. However, in this process normal stamp value is to be paid. In partition deed of registered the stamp duty is much lesser.
Advocate Rajesh Rai

Adv. Rajesh Rai

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Answer #2
654 votes
Hey if it is a family arrangement all that you have to pay the government is registration fees. You do not even have to pay ad valorem stamp duty. All that you need to do us thrash out your agreement on paper and you shall be good to go thereafter. This is pretty much it. Thanks much. Also tell me if the property is inherited or self earned.
Advocate Raghav Awasthi

Adv. Raghav Awasthi

LawRatoDelhi | 25+ Answers
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Answer #3
627 votes
First of all you have to disclose which state your properties are located at? As you may be aware that Transfer of Property bye laws may differ state to state. The rest of the legal opinion would follow accordingly. Thank you
Advocate Anuj Sehrawat

Adv. Anuj Sehrawat

LawRatoGurgaon | 25+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

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