IMPORTANT: The sample of the agreement for family settlement is being given hereunder which can be downloaded and used for specific requirements.
It is always advisable to get legal advice in the matter for proper settlement of all the terms and conditions and get the same drafted by an expert.
It is advised to take the signatures along with thumb impressions of all the parties to the agreement for family settlement along with their photographs duly signed by them.
The proof of identity of all the signatory be also enclosed with the agreement for family settlement.
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Agreement For Family Settlement
1) This family settlement is made on this ———————————————————————-at—————————————-between the following family members:
(Give details of all the participating family members to the agreement for family settlement.)
The details of the properties with their ownership which shall be the subject matter of the present family settlement are as under:
( Give the details of entire properties under a settlement with their number, area, ownership details etc with their site map if possible)
The specific terms of the distribution of the said property shall be as under:
OVERALL TERMS AND CONDITIONS OF THE AGREEMENT FOR FAMILY SETTLEMENT
Now this deed witnesses that in pursuant to the agreement for family settlement and in consideration of the settlement arrived at between the parties is hereunder, the parties hereby agree with each other that they will observe, perform and convene the terms and conditions stated herein above.
That it is hereby declared and agreed between the parties that this agreement for family settlement ends all disputes between the parties relating to the respective rights and claims of the parties to the joint family properties and the parties admit and acknowledge the claims of each other towards their respective properties as per this agreement for family settlement.
All the conditions of the proposed agreement for family settlement have been fully explained to all the parties, who are the signatories to this agreement for family settlement and the said signatories have in consultation fully examined and considered the said terms and conditions and have given their free consent at their will without any force, coercion and / or inducement.
That the present agreement for family settlement shall be considered as final and conclusive and shall not be altered or changed at any subsequent stage of the settlement. All the parties of the present agreement for family settlement shall be bound with the terms of the present Settlement agreement and shall adhere to the respective shares as demarcated and stated under the present agreement for family settlement.
That pursuant to the present agreement for family settlement, this Settlement agreement shall be registered and all the parties to the present Settlement undertake to present themselves for registration of the present Settlement agreement before the authorities concerned.
That the present Settlement Deed will have a legal force and shall be presented, forwarded before the Authorities concerned for the transfer of the respective shares of properties between the parties. Should any party or parties require at any stage, the parties to the present Settlement agreement shall be bound to issue NOC and execute other documents that may be required with regard to the mutation of the properties.
That the parties to the present settlement shall voluntarily at their will, consent and execute the NOC with regard to the transfer of the property from their name to the beneficiary parties in terms of the agreement for family settlement. They shall further be bound to present themselves, execute, sign any other document required at any other stage for the transfer of these properties.
That the transfer of the properties pursuant to this agreement for family settlement shall be along with the entire charge on the said property and the beneficiaries of the said property shall be liable and responsible for the payment of any dues against the properties, whether past or arising in future at any stage. The previous owner(s) of the properties under this Settlement agreement shall not be liable/responsible in future with regard to any claim or dues with regard to the said property at any stage. The entire dues whether notified or not shall be the sole liability and responsibility of the beneficiary/transferee, henceforth pursuant to the execution of this present Settlement agreement and they shall not raise any claim in this regard in any manner whatsoever.
In witness whereof, the parties shall be unto set their hands.