Partition of properties or portions of joint property among families can be either intended or compulsory according to the needs and circumstances. A Partition Deed is mandatorily a registerable document under the section 17 of Registration Act, 1908. Families opt for the partition deed to allocate and distribute specific portion or floor of joint property among different members.
The property to be distributed could include both movable property such as shares, jewelry, etc as well as immovable properties such as plots, apartment, buildings and etc. If partition is made in relation to immovable assets then it is necessary to get the Partition deed registered in Sub Registrar Office.
In case of joint property, if co-owners have some kind of disagreement relating to division of property, the case goes to the court and lead to the need of appointing an arbitrator to solve the legal matter. Once consent is reached, legal formalities are executed to authenticate and authorize the partition process.
All the members have to sign a drawn partition deed to authenticate their consent to the division. Furthermore, two people are also required to sign the document as witnesses. Date of partition along with the name and shares allocated to each person should be clearly mention in the document. A partition deed should be clearly defined in an unambiguous manner and properly executed on a stamp paper. Partition deed is then must be registered in the Sub Registrar Office to give it a legally binding effect otherwise unregistered partition deed would make the partition of an immovable property as null and void.
The stamp duty is payable @ 2% on the value of property partitioned, which is calculated according to the applicable circle rate. There is no need to partition and register each property individually since single partition deed is adequate for the division of numerous assets.
Benefits of Partition Deed Registration
- Every member becomes the absolute owner of respective share in the property.
- They are capable to sell, gift, let out or mortgage their share without the accord of any other party.
- They can get the transformation done in their respective share in MCD records as per the registered partition deed.
- They are free to use their share in any way they want.
We at LexOracle have decades of experience in providing services and property laws for drafting and registration of Partition Deed.
How it is done?
Our lawyers provide an effective way of securing your partition deed:-
Step1:- Receive expert counseling on Property Laws and Partition Deeds by our Expert Property Lawyer
Step2:- Provide basic input regarding previous title documents and allied information
Step3:- Make Payment
Step4:- Receive the Draft (If it’s not up-to your liking? Make another one which better suits your needs. We give you 3 free re-iterations)
Step5:- Get it done on stamp paper and the final partition deed registered
Click on apply now and get it done right away!!