The term Partition Deed is used to classify a deed that will divide up the said property, thereby making each of the co-owners as the rightful owner of the property share. When the property is owned by several individuals, a partition deed makes sure there’s a legal division of the property. Upon the execution of a partition deed, each co-owner is entitled to transfer, gift or sell their share of the property according to their will.
That depends if you’re a joint-owner and there are other owners of the inherited property. Upon the execution of the partition deed, you’re entitled to sell/transfer/gift the property.
If the partition of the property becomes a problem among family members, the process to execute a partition requires a legal course. That said until the disputes are not resolved, a partition deed becomes a challenging issue for the family.
As per the Hindu Succession Act, 1956 the deceased Hindu’s interest shall be changed by intestate or testamentary. While the Hindu Succession Act 1956 pertains to the partition in the Hindu Joint Family, the Hindu Partition Act of Property 1892 and the Hindu Undivided Family pertains to the property division of co-owned property of more than one owner.
When the family decides to go ahead with the partition deed, a partition suit is required to be filed. A partition suit is filed when there are any disputes towards the rights of the property, and you approach a court to settle the dispute. If all parties involved are ready to amicably settle all disputes, a partition deed needs to be executed.
Through a partition deed, it defines the share of each co-owners of the property. This partition deed needs to be duly registered with the Sub-Registrar office, only then it’s considered a legal document. Upon registration, the next step is to register and process it on a stamp paper in a comprehensive manner.
If all parties involved with common rights in the property, then a partition deed can be executed.
A partition deed must be compulsorily registered, and the required stamp duty should be paid accordingly.
By Registration of the property, it’ll become a permanent public record and a notice to the general public of the change in title. This helps those who are looking to transfer any immovable property as they need to verify if the said property has been encumbered previously. As per the Transfer of Property Act rights, interest or title can be transferred upon the registration of the partition deed.
If the document, which needs to be registration, is not registered, then the document will not be admissible as a piece of evidence under Section 49 of the Registration Act 1908.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.