All of us have someone in mind to whom we wish to want to pass on ownership of our property. To distribute your property, you have three options. You can make a will, gift or a settlement deed. The making and execution of a will are troublesome processes.Do not want to waste half your property in the execution of a will?
Want only a part of the property to be settled?
Want to transfer property conditionally?
All you want is a settlement deed.
A ‘Settlement’ is a transfer of property, in a written form, made by one person (called settlor) in favour of another person (called as Settlee). There is an immediate transfer of interest by a settlement deed, and cannot be revoked later. It can be made in consideration (in return) of marriage, to distribute properties or for religious or charitable purposes.
It’s the cheapest way to distribute your property, requiring a very reasonable stamp duty and registration charges.
Through a settlement deed you can transfer the property conditionally, protect your interest in the property till your lifetime, Protect interest of another person in the property, Postpone the actual transfer,
The contents of a Settlement deed and the process involved vary from state to state. The details of the properties are to be mentioned, and the deed is to be registered. Also, a settlement deed is executed during the lifetime of the settlor, and therefore cannot be revoked or changed once registered. It’s more or less similar to selling your property off.Worried? Sounds difficult?Vakilsearch will help you draft a perfect deed that benefits the settlee while protecting your rights during your lifetime at the same time! We can also help register it for you too!