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Property disputes are more common in Indian families. The war over wealth takes place from low-income houses to ultra-rich families. Unhappy beneficiaries may challenge even an iron-clad will. The solution for the war between relatives is to take the matter to the court. Family matters in the courts are time consuming and expensive, where there are no guarantees for a satisfactory resolution. For an amicable settlement, the solution is to go for the family settlement deed.
An agreement where family members mutually decide to distribute the property among themselves and mention the same in an agreement is called a family settlement agreement. The parties to the agreement should be related to each other and should have a claim to share the disputed property.
The property can cover immovable and movable property. A family settlement is used to settle the issue of common property that the family owns.
Those who wish to avoid public, protracted and court battles will find that family settlements are a quicker way to solve the disputes.
It is a conciliation process where a third person helps the family to accept the solution to the dispute mutually. The third person can be a lawyer or an elder family member. The point to be noted is that the settlement agreement is neither a gift nor a transfer as per the Income Tax laws.
What are the legal requirements?
Reaching a consensus is not enough as few legal formalities are to be completed to ensure that the agreement is valid. The settlement agreement should be signed by all the family members involved. A missing signature can be a ground for challenging the document in court. Two witnesses can attest the document, although it is not mandatory to do so.
REGISTRATION
As per the Indian Registration Act, 1908, section 17, a family settlement agreement that assigns the immovable property must be registered compulsorily, or else the deed will be considered as invalid. Stamp duty is applicable on the value of the property involved.
Why Legato?
Connect with a Legal Expert easily Legato is your one stop destination with everything related to legal. It empowers you with access to a network of verified lawyers providing their services at all costs. Moreover, our dedicated Case Follow-Up Manager will assist and update you with the progress.
Verified lawyer network Our network for 1000+ verified lawyers will not only assist you with your case but update you and advise you with things to do & not to do.
Quick results Once, the legal expert is finalized, you are ready for quick action related to your work. Majority of the lawyers will share a time estimate of what to expect moving forward.
You need to select one of the Lawyers considering your case category and profile of the Lawyers. Once you are sure with the Lawyer, you need to select call option given in the profile page of the Lawyer, in the website as well as in the mobile app. After selecting the call option,the time slot needs to be selected, and payment needs to be made for confirmation of the call consultation. At the selected time our system shall connect you and Lawyer We have half an hour time slots placed for every call consultation and after said time slot selected call shall automatically get disconnected.
Kindly make sure that you keep all information and documents about the matter handy before the time of call so that to avoid any delays.
In an event where you miss the call at the selected time, our system shall dial-in the call again after 5 minutes as a second attempt. In case of failure of the second attempt,the system shall try after another 5 minutes as a third attempt.
After the failure of the third attempt, you need to contact our support team (contact details shared on the website) so that they can talk to respective Lawyer, and reschedule the time of the call.
In such an event you can contact our support team (contact details shared on the website), and they shall be assisting you as quickly as possible in completing your call.
Yes, they are diligently verified. For your ease, we have mentioned their bar council number as well so that their identity can be checked from Indian Bar Council.
Definitely yes. We are using high-end technology and SSL certificates to secure data. In addition to this,we are using AWS secured cloud storage together with 256-bit encryption. Further, we are using Paytm as our payment gateway, which is highly secured as per legal standards.
We are using high-end technology and SSL certificates to secure data. In addition to this,we are using AWS secured cloud storage together with 256-bit encryption.
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