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Can we prepare an agreement to dispose off our family property.


28-Nov-2023 (In Family Law)

our family has arrived at an oral agreement about the disposal of family properties in future. Certain properties belonged to my deceased father, Certain prop belong to my mother, certain prop belong to my youngest brother and certain prop belong to myself. Now what legal document shall we make and sign to write down this oral agreement. one notarised doc and one registered doc ? please note: that one brother is out of this oral agreement as he already taken his share of properties during the lifetime of my father and my father has made a registered will in my favour.

Answers (3)

Answer #1
526 votes
As per question in hand there may be oral agreement deed in which all the terms of oral agreement shall be in writing but it shall be better to get registered partition deed for escaping from future contentions. If your father has already execute a will in your favour then there is no requirement of partition deed if the property has been acquired by your father by own income.
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Advocate Rajesh Kumar

Adv. Rajesh Kumar

LawRato Delhi | 25+ Answers
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Answer #2
575 votes
Family Settlement which is effected orally between Class I heirs need not be stamped. Similarly, an MoU laying down the particulars of the oral agreement between the Class I heirs need not be stamped. This type of agreement is done on a stamp paper of Rs. 100/- However, the effect of this document is that while the Class I heirs may take possession of such individual portions of the property, the actual ownership of the heirs on the respective shares in the property is not established in the property and of you will continue to have an equal undivided share in the property. Accordingly it is advised that a Partition be effected of the properties in the common pool, after paying the requisite stamp duty as per the state laws, in order to effect 'ownership' for future disbursal.
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Answer #3
596 votes
Hi, Its depend upon the type of property e.g. 1. Is the property was given by your Grand Father or by your father? 2. No Oral agreement is valid The type of document totally depends upon the type of property like gift deed, GPA, Will or Agreement to sell etc. I can explain after getting all info. about the same.
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Advocate Vikas Nain

Adv. Vikas Nain

LawRatoDelhi | 25+ Answers
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