Since the joint family structure exists in India, it often leads to disputes amongst the family members who own the ancestral property. This jointly owned property sometimes causes conflicts and arguments while doing division of property share.
In such situation, executing partition deed helps co-owners to do division of shares and acquire rights over the ancestral property.
What is the partition deed for property?
Partition deed is a way of transferring property ownership from one person to another. When Most of the properties in India are owned co-jointly, because of which disputes can arise between the owners. To cope up with this problem, you can get a partition deed made-a document that clarifies the shares and rights of each owner, individually. Partition deed is that official ad legal document drafted and executed at the time of division of a standard property. A partition deed is mostly used by families, to divide members’ shares in inherited properties. After the division through the partition deed, each member becomes the independent owner of his share in the property and is legally free to sell, rent or gift his asset, along with his wishes.
Why does the necessity for partition deed arise?
A and B owned a piece of land jointly, A wants to sell the property and B is willing to build a house on that piece of land in order that he can settle along with his family in that house. Here there is difference of opinion between A and B, so, in this case, partition deed aids the above mentioned parties to divide the properties in an appropriate manner.
Contents of a partition deed
- Date of partition
- Statement of partition
- Name, age and address of the joint owners
- Description of their share
- Signatures of the joint owners
- Names and signatures of the witnesses
Documents needed for partition deed
Execution of partition deed requires following documents:
- Original title document
- Land records
- Land map
- Valuation of property
- Registration fee
- Stamp duty
- ID cards of all the parties
- Address proof of all parties
- PAN card
What happens to a property after a partition deed is executed?
Once the partition deed comes into effect, each share within the property becomes an independent entity. Each divided share of the asset gets a new title. Also, members surrender their claim within the shares that have been allocated to the other members.
For example, if X, Y and Z divide a property through a partition deed, then, X and Y would hand over their right within the part that has been allocated to Z. Similarly, Z would give up his right in the shares allotted to X and Y. Apart from the common areas where easements rights are applicable, each one has an independent property within an estate, after its partition. This also provides them the correct to cater to their share during a manner they like.
After the partition, each party must also complete the property mutation process, to form the change legally valid.