Deed of Partition

THIS MEMORANDUM OF PARTITION is made at …………….... this ……………... day of …………….. between Mr. …….………………., residing at …………….... hereinafter referred to as 'the Party of the First Part' and Mr. …………………., residing at ……………... hereinafter referred to as 'the Party of the Second Part' and Mr. ……………. residing at ……………... hereinafter referred to as the 'Party of the Third Part' and Mr. ……………… residing at …………………. hereinafter referred to as 'the Party of the Fourth Part' and Mr…….……………….. residing at …….…………… hereinafter referred to as ‘the Party of Fifth Part’.

WHEREAS the parties hereto are the members and coparceners of their joint and undivided Hindu Family and as such own two immoveable properties consisting of land and building thereon and situate at ……………... and more particularly described in the First and Second Schedules hereunder written. AND WHEREAS the parties desire to effect a partition of the said properties between themselves as they no longer desire to continue to be members and coparceners of their joint family property and desire to be separate in food, worship and estate. AND WHEREAS it is not possible to divide the said properties by metes and bounds according to the respective shares of the parties hereto in the said properties. AND WHEREAS it is, therefore, agreed between the parties that they should declare their shares in the said properties and hold such shares separately but notionally and they should enjoy the income thereof in severalty according to their respective shares until the said properties are sold by mutual consent or through court. AND WHEREAS for the purpose of partition and stamp duty the property in the First Schedule is valued at Rs. ……….... and the property described in the Second Schedule is valued at Rs. ………….. AND WHEREAS the parties hereto have proposed to effect and record such notional partition in the manner following.
 
NOW THIS DEED WITNESSETH AS UNDER:-

1. Pursuant to the said agreement the Parties declare that each of them is entitled to an equal one-fifth share in the said joint family properties described in the First and Second Schedules hereunder written and further declare that they shall hold the said properties as tenant in-common and not as members of their erstwhile Joint and Undivided Hindu Family and shall hold their respective shares in the said properties separately and in their own respective rights.

2. The said properties shall be managed and looked after by the Party of the Third  Part for himself and on behalf of the other parties hereto and he shall pay all the taxes and dues and duties payable in respect of the said properties payable to the Government and the Municipal Corporation and shall also spend, out of the income of the said properties, all other expenses for repairs and maintenance of the said property.

3. The Party of the First Part shall recover the income from the said properties and after paying the expenses aforementioned, shall distribute among and pay to each of parties hereto including himself, one fourth share of such net income.  Such distribution will be made at the end of each calendar year ending on 31st December.

4. For the purposes aforesaid the Parties hereto of the First, Second, fourth and fifth Parts and appoint the Party of the Third Part as their Attorney or Agent with full power to recover the income of the said properties, to pay all expenses aforesaid, to take legal proceedings to recover the income or any other amount payable by any person in respect of the said properties and to pass receipts for the same and to do all acts and things necessary to manage the said properties.

5. In consideration aforesaid, each of the parties hereto doth grant and release all his undivided share, right, title and interest in the properties to the other or others of them as aforesaid so as to constitute each party the sole and absolute owner of his one-fifth share therein, freed and discharged from all claims and demands of the other parties hereto or concerning the same but subject to the payment of all taxes, rates, dues and duties and assessment payable to Government or Municipal Corporation or any other public body in respect thereof.

6. Each Party covenants with the other that he has not done any act, deed or thing whereby or by means whereof he is prevented from releasing his right, title and interest in the shares of the other parties hereto in the said properties in the manner aforesaid.

7. Each Party also covenants with the others that each Party will execute and get registered, if necessary any deed, assurance or other document which may be required for fuller and more perfectly and effectually assuring the shares allotted to the others but at the cost and expenses of the party requiring the same.

8. Each Party hereto further covenants with each of the others that each of the other Parties will hereafter hold and stand possessed of the share allotted to him, quietly and peacefully and enjoy the proportionate rents and profits thereof without any suit, interruption, claim or demand by the covenanting party, his heirs, executors, administrators and assigns or any person claiming under him.

9. Each of the parties hereto agrees and covenants with each of the other parties hereto that if he desires to sell his one fourth share in the said properties or any of them he shall give first option to the other parties hereto to purchase the same and the selling party will sell his one fourth share to the other parties jointly or in such proportion as the other parties agree between themselves at the highest price available to him in the market or he will sell his share to such one of the other parties hereto who offers the highest price.  Provided further the party desiring to sell his share shall give written prior notice of atleast …………. month to the others for exercising the said option and such notice shall also quote the price expected by such party.  Any such sale shall be made subject to the provisions of this Deed.

10. The original of the Deed of Partition will remain in the custody of the Party of the First Part and one duplicate copy hereof will remain in the custody of each of the other parties.

11. And it is further agreed and declared that the title deeds relating to the said properties and which are set out in the Third Schedule hereunder written shall remain with the Party of the First Part who has agreed to give a covenant for production in favour of the parties of the Second, Third and Fourth Parts in the manner following that is to say (usual covenant for production of title deeds).

IN WITNESS WHEREOF the parties have put their hands the day and year first hereinabove written.

THE FIRST SCHEDULE 
 
THE SECOND SCHEDULE 
 
Signed and delivered by the				)
within named Party of the First			)
Part ……………... in the presence of .…………	)

Signed and delivered by the				)
within named Party of the Second			)
Part ………….... in the presence of .…………….	)

Signed and delivered by the				)
within named Party of the Third			)
Part ………….... in the presence of ……………...	)

Signed and delivered by the				)
within named Party of the Fourth			)
Part ……………... in the presence of .……………  )

Signed and delivered by the				)
within named Party of the Fifth			)
Part ……………... in the presence of .……………  )