Does A Family Settlement Agreement Needs To Be Notarized
Documents duly certified notarized and registered with the relevant legal authorities guarantee all appeals to rights holders. The family comparison agreement can also be registered as a property or divorce agreement with all the clauses and conditions agreed before the Registrar. The agreement binds all parties to the agreement by referring to the legal obligations of the Indian Contract Act. A family comparison contract is solid gold in the estate court. The Court does not even have the power to approve or disapprove of it. All parties sign it, it is filed in the Court of Justice and it acts both as a binding contract and as an enforceable contract. If well worded, it is an excellent protection against future liability and the claims of heirs who spent their inheritance much faster than they thought (and now that they are thinking about it, they really should have received more). It is also advisable to seal this agreement with thumbs. Here are the reasons why a family comparison agreement should be developed: a family comparison contract can be negotiated orally or in writing, but the documentation is recommended as it avoids confusion. Assuming your family contract is not registered, it can still play the role of Estoppel. Estoppel is what prevents a person from arguing something that is at odds with what he or she had previously suggested orally or in writing.
However, they must register an agreement if it results in a change in the legal rights of family members. In Tek Bahadur v. Debi Singh et al., the court had considered the validity of an act of family comparison. It confirmed the validity of an oral transaction with the family and decided that registration is only necessary if it is written. The chord looks like a partition file, and you can see an example here. The agreement must include the names of all family members whose decision is, as long as it is important, information on the ownership of the property and the precise conditions of the distribution of the property. It is recommended that you include all the details of the accommodation with the house number, space and even a plan, if possible. The term “family subdivision” or “family arrangement” refers to an agreement made by members of the same family to preserve family property or to violate the law at issue or questionable.