A family settlement agreement is primarily a memorandum of understanding between family members or a settlement deed between brothers when the Karta expires. The family members of Hindu Undivided Family mutually agree on how the joint property should be settled or distributed among each other with mutual consent. There are some legal formalities which all the members have to abide. All the family members must be related by blood and they should sign on the document to make it valid. The document should be signed in the presence of two witness and register the document. A stamp duty is involved which is dependent on the value of the property in India.
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Family Arrangement Agreement Format
The Document of arrangement of properties is made by the free and mutual consent and belongs to the family and its members made on (date) day of (month and Year) between Shri, Vara Prasad, aged about 58 years, who is the head of the family and known as karta of the Hindu undivided family, Mrs. Vara lakshmi, aged about 48 years, wife of the above head of the family or Karta and also a member of the same Hindu undivided family, Kalyani ‘C’ aged about 32 years and Kumari ‘D’ aged about 34 years, Kalyani and Kumari are the daughters of the Karta and members of the said Hindu undivided family and Shri ‘Shravan’ aged about 32 years, who is the son of the Karta and also a member of the said Hindu undivided family.
All the above mentioned five members comprise of joint family which is governed by the Hindu Law and they own various movable and immovable properties which are described in S. No. 1 to………………. Of Schedule A, 1 to……………….of Schedule ‘B’ and 1 to ……………….. of Schedule ‘C’ and 1 to ………………. Schedule ‘D’ attached hereto.
Since there are internal disputes between the above mentioned family members they are not able to continue their enjoyment on joint properties belonging to the joint family. Hence, all the above mentioned family members voluntarily with their free will have agreed to put an end to this joint enjoyment of property and from this situation.
NOW THIS DOCUMENT WITNESSES as follows:
1. All the properties mentioned in S.No. 1 to ______________ of Schedule A will go to the share of Miss. ‘C’
2. All the properties mentioned in S.No. 1 to ___________ of Schedule ‘B’ will go to the share of Miss. ‘D’.
3. All the properties mentioned in S.No. 1 to______________ of Schedule “C’ will go to the share of Mr. ‘E’
4. All the properties mentioned in S. No. 1 to ______________ of Schedule ‘D’ shall be in the joint ownership of the above mentioned and the income of which shall be enjoyed jointly by all the family members.
5. After this agreement, each party is entitled to get rent, or any income arising from the property and pay taxes as the absolute owner of the property.
6. Each party has a right to enjoy sell transfer his/her share of property.
7. This agreement states that each of the parties agree that they have no right on the title, interest or any other claims on the properties which have been allotted to others.
IN WITNESS WHEREOF etc.
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