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Partition Deed

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.

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    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.

     

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