Legal Question in Real Estate Law in India
Ancestral property
My father left behind properties of around 1.5 crore in hyderabad . The dependents of the property are 2 sons, 2 daugters and a stepmother.
We have amicably come to sharing of property. ie. we have decided which property should go to whom etc..
What is the next step required for registration of this property in each persons name. What is the legalities involved and what would the cost for it be
2 Answers from Attorneys
Re: Ancestral property
You may get a "family settlement deed" drafted from a local deed writer and get the same registered with the authorities. Based on this deed, the properties will be transferred in the names of respective owners.
However, you should transfer possession before the settlement deed; and it should be mentioned in the deed that the parties have taken possession of their respective shares.
Registration of a "family settlement' is not compulsory. However, it may facilitate transfer of name in government records.
Re: Ancestral property
A duly registered deed of partition will be necessary.
For proper drafting and costs, consult your lawyer with all details.
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