A Family Settlement Deed also known as a partition deed is a legal agreement between family members who mutually agree upon the distribution of assets and properties of a person. This helps avoid disputes that often occur when a will is implemented. Hence many people prefer a partition deed over a will.
Process for Registering a Family Settlement Deed
STEP 1: Collect the following documents
- Fill out Form A with signatures
- If the transaction is for more than Rs. 5,00,000/-, a copy of Pan Card is required or Form 60
- Stamp paper with the correct value of Stamp duty which is 2% of the circle rate.
- Partition Deed
- Identity Proof of all parties (Aadhaar Card, PAN Card, Voter Card, etc)
- Proof of Ownership (Title Deed)
- In the case of agricultural land, NOC (No Objection Certificate) is required from the concerned LAC (Local Agricultural Committee) through the Sub-Registrar Office
STEP 2: Book an appointment at the correct Tehsil with reference to the table below
STEP 3: Show up at the tehsil on the day and time of the appointment slot, submit the documents, and pay a registration fee of 1% of the property value.
FAQs
- Can a family settlement deed be implemented after the death of a person? Yes, a family settlement deed can be implemented after the death of a person in Delhi. As long as all the legal heirs are willing to agree and the agreement is fair, it can be enforced even after the person's death.
- Can a partition deed only be used within a family? No, a partition deed isn't limited to family members only. While it's often utilized within families to divide property among relatives or co-owners, it can also be employed between non-family members or individuals who jointly own a property. The primary purpose remains the same: to legally and officially allocate shares and rights to different owners or co-owners.
- Does a person lose ownership over their assets and properties once the partition deed gets registered or after they die? No, the registration of a partition deed doesn't lead to the immediate loss of ownership over assets and properties for an individual. Once the partition deed is registered, it legally allocates the shares of ownership among co-owners as agreed upon. However, ownership remains intact until any change, transfer, or inheritance occurs, such as through sale, gifting, or bequeathing in a will after the individual's demise.