Property disputes are a common occurrence in India. Since greed is a great level of authority, wealth exceeds income ranging from low income families to very rich families. Even an iron braid can be challenged by unhappy beneficiaries. The obvious solution for most quibble relatives is to take the matter to the courts.

However, it is a time-consuming, tedious and expensive process, which in no way guarantees a satisfactory solution. A more cordial, and pocket-friendly, solution is to choose a family to dispose of.

What is Property disputes?

In essence, a family agreement is an agreement where family members interact with how an asset should be distributed among themselves. All parties should relate to each other and claim a share of the disputed property. The latter requirement is not limited to only real estate, but can also cover movable assets such as jewellery or money in bank accounts. A family settlement is typically used to settle common property or joint property, as opposed to family personal or self-acquired property.

Those who want to avoid distracted, public and dirty court battles will find that family settlements are a faster, more harmonious way of settling disputes. Of course, a family may not be able to reach a consensus, in which case legal recourse is the only way.

What is the process?

It is a reconciliation process where a third person, usually a lawyer or a senior member of the family, helps the family reach a mutually acceptable resolution of the property dispute. The settlement of a family involving the distribution of property does not strictly require a single document. It may also be a series of documents spelling out the property rights of each member of the family.

What are the legal requirements?

Merely reaching consensus is not enough; There are certain legal formalities that must be met to ensure that the agreement is valid. First, the settlement document must be signed by all family members. A missing signature could easily become the basis for challenging the document in court at a later date.

The next step is to register the agreement. As per Section 17 of the Indian Registration Act, a family settlement which is mandatory for allotment of immovable property, must be compulsorily registered or the deed will be invalid. A stamp duty is applicable to such works and this amount depends on the value of the property involved.

is a family the end of the road?

While a duly executed family settlement cannot be rescinded, it can be challenged in a court of law, apart from just a court ruling. An agreement that is brought about by fraud or coercion is a matter. Any misrepresentation of facts about the title of the disputed property may also lead to future changes. Paying attention to these normal visits while outlining an agreement would be a foolish, amicable and binding family agreement that benefits everyone.