settlemnt deed

anamikaraj
Posts: 28
Joined: January 20th, 2011, 7:08 am

settlemnt deed

Postby anamikaraj » April 11th, 2013, 4:50 am

My husband bought the property in bangalore in 2002, i hav e two children boy & a girl married.Now if i want to sell the property do i need their signatures? the katha is in my name after my husbands demise.the power of attorney given by my children to me is registered in chennai reg office,.After me if the property goes to any of my children individually , do they need to exec ute a release deed favouring the other party, or what is a relinqish deed? or can i make a settlement deed now itself to anyone by taking signature. if settlement is made what are the implications in future. or is there anyway i can convey the property with absolute rights to anyone person pl clarify. thx in advance.Do the pOA hold good still .

msn1270
Posts: 1213
Joined: June 17th, 2009, 2:21 pm

Re: settlemnt deed

Postby msn1270 » April 11th, 2013, 9:51 am

Since it is purchased by your husband and later it has come to your name, all the 3 members(yourself & 2 childrens and aslo any children to your married daughter) have equal rights over the asset. Hence in all the transactions related to this property, everyone's consent and signature is must. Even though Power of Autorney is given by your children, Buyers insists for their physical presence and their signature to safeguard their future interest.

Tomorrow if your son marries, again his kids will also get their inheritance rights over this property. Instead of continuing this chain forever, better all the stake holders can have mutual agreement and transfer to one person name legally (in case of a small size property. If it is a big size property better to settle their individual equal share at this stage itself) or better to dispose and share their monetary share.

tvsh
Posts: 321
Joined: June 7th, 2009, 6:30 am

Re: settlemnt deed

Postby tvsh » April 11th, 2013, 1:54 pm

anamikaraj wrote:My husband bought the property in bangalore in 2002, i hav e two children boy & a girl married.Now if i want to sell the property do i need their signatures? the katha is in my name after my husbands demise.the power of attorney given by my children to me is registered in chennai reg office,.After me if the property goes to any of my children individually , do they need to exec ute a release deed favouring the other party, or what is a relinqish deed? or can i make a settlement deed now itself to anyone by taking signature. if settlement is made what are the implications in future. or is there anyway i can convey the property with absolute rights to anyone person pl clarify. thx in advance.Do the pOA hold good still .


Since you have a registered power of attorney from your 2 children, you do have aboslute rights to sell the property (provided the POA gives you the right to sell). A registerd POA is given in circumstances where one cannot be personally present to sign the deed. All you have to provide the buyer is an affadavit from both your children which states that the power of attorney is still valid and they have no objection in selling the property to the buyer.

Regarding your second query, it depends on how the property goes to any one of your children individually. Is it via a will ? or a gift deed? If it is via a gift deed, does your existing power of attorney grant you the right to gift the property? If it is a will, then the other child's family might contest it.

Instead of a Power of attorney, if you had got a release deed from your children, then you would have been the aboslute owner and had the rights to sell or gift or pass it through via a will.

I am not a lawer, so take the above as a layman's opinion of the situation.

anamikaraj
Posts: 28
Joined: January 20th, 2011, 7:08 am

Re: settlemnt deed

Postby anamikaraj » April 12th, 2013, 5:11 pm

thx msn & tvsh

anamikaraj
Posts: 28
Joined: January 20th, 2011, 7:08 am

not getting the digest

Postby anamikaraj » August 6th, 2015, 7:36 am

i am not getting my daily digest. i am a senior citien. pl send me mail digest


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