Advocate for FAMILY SETTLEMENT DEED at affordable and reasonable rates in Andheri East near Metropolitan Magistrate Court WHAT IS A FAMILY SETTLEMENT DEED? A family settlement deed is also known as a family compromise agreement. It is an arrangement or a legal document between the family members that records that all family members agree to common terms and conditions in the event of any disagreements. WHAT IS THE PURPOSE OF A FAMILY SETTLEMENT DEED? A Deed of Settlement, also known as a deed of settlement and release, is a legal document that outlines an agreement between disputing parties to settle a dispute. A deed of settlement is a popular alternative to litigation, and it contains legally binding terms the parties have agreed upon WHAT IS THE VALIDITY OF A FAMILY SETTLEMENT DEED? The settlement deed can be declared invalid only by the court decree. The settlement of the deed is deemed to be final. It is a legally binding contract between two parties. The purpose of the agreement is to settle the disputes between the parties. IS FAMILY ARRANGEMENT A TRANSFER OF PROPERTY? A family settlement agreement is useful given that it an amicable resolution among parties and does not take as much time as a court of law. Do note that transfer of property or assets under this agreement is not to be considered as a gift and is neither a transfer of right. IS A FAMILY SETTLEMENT AGREEMENT LEGALLY BINDING? A family agreement is a valid, legally binding and enforceable contract and is applicable to all the signatories. An oral agreement recorded as a memorandum is also readily admissible in court. CAN A FAMILY SETTLEMENT DEED BE REGISTERED: The Supreme Court has held that a family settlement document which merely sets out the existing arrangement and past transaction will not be compulsorily registrable under Section 17(1)(b) of the Registration Act, 1908, if it doesn't by itself creates, declares, limits or extinguishes rights in the immovable properties. IS A UNREGISTERED FAMILY SETTLEMENT DEED VALID : Unregistered Family Settlement Admissible in Evidence Only If Agreement Is Confirmed With Approval Of All Family Members: IS FAMILY SETTLEMENT ON PLAIN PAPER VALID?: Agreements made on plain paper are not truly invalid in the eye of law. But it is always better to prepare them on stamp paper so as to avoid ensuing procedural difficulties and payment of penalty. CAN A DEED OF SETTLEMENT BE CANCELLED? Once the settlement deed is executed, it cannot be cancelled unilaterally. That can be cancelled only by a civil court order. The settlement deed once registered cannot be revoked and you have to approach the court for cancellation of deed and file a declaration suit to cancel the deed. WHAT ARE THE BENEFITS OF A FAMILY SETTLEMENT DEED; A family settlement deed is a contract that is used to resolve all family disputes outside of the courtroom. It does not involve any significant third-party approvals or acceptance. The following are some of the advantages of forming a family settlement deed: It settles inter-rights in a property matter among family members without causing conflicts. Preserving family rights and settling peace by preventing lawsuits or saving honor is general and fair for the sake of the family. Since consideration for a promise is essential in a contract, it is legally binding on all family members, much like any other contract or arrangement, and must be followed in order to keep the peace in the home. HOW DOES A FAMILY SETTLEMENT GUARANTEE LEGAL REMEDY? If a family settlement deed is duly notarized and registered with the relevant authorities, the right holders are assured of all legal remedies. The family settlement deed is recorded in front of the registrar with all terms and conditions accepted by the family members. The deed binds all parties to the agreement by referring to legal obligations made in the Indian Contract Act. If all the legal conditions are met, the family settlement deed becomes legally enforceable under the Indian Succession Act, 1925. DIFFERENCE BETWEEN A FAMILY SETTLEMENT DEED AND PARTITION; Family Arrangement Partition Based on disputed, probable, or even hypothetical arguments between family members. There are very clear pre-existing rights. There is a degree of relationship involved. It is made between people who are not related by blood but are co-owners of land. A family arrangement can be in the nature of re-aligning, re-distributing or even consolidating certain claims and rights. Recording past transactions of division/ partition of property. It can be even oral in which case it does not require registration and stamping. It requires compulsory registration as it creates, assigns, limits, or extinguishes rights or title in a property HOW WOULD IT BE DONE : 1: Through physical meeting. 2: Through online video conferencing. HOW MUCH DOES IT COST Drafting fee would vary based on time utilized and complexity. However, it would cost effective from the client’s perspective. HOW LONG DOES IT TAKE Generally, we would go by the client timelines. #Documentation #Will# Gift Deed #Consent Terms #Term sheet# Agreements #Court appearances #Corporate Advisory Services #Retainers #Family Settlement #Power of Attorney #Sale Deed #Return of stolen property through court #Individual Loan Agreement