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Family arrangement contract is recommended

I have ancestral property (Residential Flat in a housing cooperative) In the name of his deceased grandfather. His wife (grandmother), son (father) and eldest daughter (aunt) have also died. My uncle, my young aunt, and my mother are the successors to this property. We have decided to transfer the property in my name in a friendly manner within the family. My young aunt decided not to take a share. My mother, me and my uncle are the two remaining parties. We have agreed to pay my uncle 50% of the property costs when transferred to my name. What steps do I need to take to ensure the fastest transfer? Since the issue is indisputable, how can I save unnecessary costs (if legally possible)?

-Hold name on request

Under the concept of “ancestral property” that applies to Hindus, whenever an ancestor inherits property from his paternal ancestors up to three generations, his legal heirs up to three generations below him It has been clarified to be equivalent, correct as coparceners for that property.

Based on the facts provided, your family complies with Hindu personal law, all deceased families die without a will, and there are no family disputes between the three generations and their individual families. Is assumed. Based on limited facts, I understand that your grandfather had four children: your father (the son of the deceased), your elder aunt (the eldest daughter of the deceased), your uncle (living) And a young aunt (alive).

Now your uncle, your young aunt, and your mother are the surviving legal heirs of your grandfather, and you inherit property rights through your father.

But it’s an ancestral property, and assuming there was no family partition between your father, uncle, and aunt, they all and their spouses and children (your cousins) have a flat share. I will. Therefore, it is advisable to enter into a family agreement regarding flats. Here, all surviving families agree that Flat will be transferred in your favor and your uncle will receive 50% of the real estate costs.

Aradhana Bhansali is a partner of Rajani Associates. Queries and views on mintmoney@livemint.com

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Family arrangement contract is recommended

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