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You must have heard of the phrase "property partition" in movies or from close friends. However, most people still don’t understand what it is.
Definition of Partition Deed
What is a partition deed? A partition deed is a legal document used to divide a piece of property co-owned by two or more people. It is an agreement setting out the terms and conditions for dividing property and allocating the shares to each co-owner.
Importance of Partition Deed
A partition deed provides legal certainty and clarity on the division of properties or assets. It sets out the rights and responsibilities of each co-owner and helps prevent misunderstandings or disputes in the future. The partition deed also serves as evidence of ownership and can be used as a legal document in court if necessary.
The Purpose Of This Piece Is To Help You Understand More About Partition Deed And All It Entails.
Format of partition deed The partition deed format is as follows:
The Partition Deed between Two Brothers format is as above.
Documents required for partition deed
The necessary documentation for the family partition deed is as follows;
Affidavit from parties; parties involved may be required to submit affidavits and declarations stating their consent and agreement for the partition.
The registration process for partition deed is not complicated
Definition of registration
What Is Partition Deed Registration? Partition deed registration is a legal procedure to authenticate the ownership of each co-owner and legitimise the transfer of shares/portion of the jointly held property. After the partition deed is ready and the co-owners sign, registering with the sub-registrar of the property is mandatory. That is, as per the provision of the Registration Act 1908. Registration legitimises the partition deed, and only the registered mortgage partition deed can be admissible as evidence in a court of law.
Steps for Registration for Partition Deed
The registration process of a partition deed involves several steps, which are:
Timeframe and Fees
The registration of a partition deed usually takes around a week. However, the timeframe may vary depending on the workload at the sub-registry office. The registration fee varies from state to state, depending on the share of the property subject to transfer and the documentation used.
Consequences of Non-Registration
Failing to register the partition deed can lead to severe legal implications. Unregistered partition deeds are not admissible as evidence in court, which means that the co-owners cannot enforce the rights conferred upon them under the partition agreement. Also, Non-registered deeds bear the risk of being challenged by third parties who dispute the property rights of co-owners.
Read also: Conveyance Deed: Meaning, Types, Purpose, Difference from Sales Deed
Conclusion
The partition deed and registration are crucial to your property rights and management. That’s why you can't afford to take this lightly.
To ensure you do it right, you may need to hire an attorney to ensure you follow the proper legal procedures at every step. Doing so will ensure you never find yourself on the wrong side of the law and help you avoid exploitation. But that’s not all you stand to gain.
Help you avoid legal disputes etc
FAQs About Partition Deed
When is a partition deed required?
A partition deed is required when two or more people share a property and want to divide it between themselves.
Can a partition deed be canceled or revoked?
Yes, but this is not easy. The only way that can happen is by mutual consent of all parties involved or by a court order.
What is the format of a Partition Deed, and what should it include?
The format of a partition deed includes the title of the property deed, parties involved, a brief description of the property, terms and Conditions, signatures, and witnesses.
What are the consequences of not paying partition deed Stamp Duty or not registering a Partition Deed?
Unregistered partition deeds are not admissible as evidence in court. Non-registered property deeds are also at risk of being challenged by third parties who dispute the property rights of co-owners.
Can a Partition Deed be challenged in court?
Yes, It can be.
Can a Partition Deed be amended or modified after registration?
Yes, but the process varies depending on each circumstance. In general, any changes to a registered partition deed would require the consent of all parties involved in the original partition document.
What is the role of a lawyer in the Partition Deed process?
To provide legal guidance and representation to the parties involved in the property partition.
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