Deed Of Partition With A Cash Payment For Equalization - Legal Draft

This Deed of

Partition is made on the day of between KK, resident of . of

the first part AND RK, resident of . of the second part AND SK,

resident of . of the third part.Whereas the parties

hereto being in possession as absolute joint owners in equal share free from

all encumbrances whatsoever the houses, gardens, lands and premises made part

of this deed have agreed with each other to put an end to their community of

ownership and to divide the properties contained in the said Schedules for the

purposes of the same being separately and individually owned, possessed and

enjoyed ;And Whereas the said

KK, who assumed Karataship of the family now comprising of the parties hereto

on , that is, on the death of JK, father of the parties hereto, has

rendered full account for the period beginning with the said , to the

date hereof and no money, claim or charges are due and owing by any of the

parties hereto against him or any other cosharers.And Whereas KK is

prepared to pay a sum of Rs. . to each of the remaining parties for the

purposes of equalising the shares.NOW THIS DEED

WITNESSES as follows :1.

That

in pursuance of the said agreement and in consideration of premises , the said

KK and the said RK as absolute owners hereby transfer free of all encumbrances

and their two-third shares in the houses, gardens , lands and premises and the

said SK shall hereinafter hold the properties described in the Schedule I

absolutely and for ever.2.

That

in pursuance of the said agreement and in consideration of the premises and

payment of the sum of Rs. .. each by KK to RK and SK which sums the said RK

and SK hereby individually acknowledge as having received, said RK and SK

hereby transfer free of all encumbrances and convey absolutely unto and to the

use of the said KK their two-third share in the house, grands, lands and

premises and the said KK shall hereafter hold the properties described in the

Schedule 2 absolutely and for ever.3.

That

in pursuance of the said agreement and in consideration of the premises, the

said SK and the said KK as absolute owner hereby transfer, free of all

encumbrances, and convey absolutely unto and to the use of the said RK their

two-third share in the houses gardens, lands and premises and the said RK shall

hereafter hold the properties described in the Schedule 3 absolutely and for

ever.4.

That

as the documents of titles mentioned in list D pertain to the properties

subject of this parties and are common, it is hereby mutually agreed that the

said KK shall as custodian for and on behalf of all parties keep the same upon

the express conditions that whenever needed by the parties, the said KK shall

produce the same for inspection of, and allow copies to be made, if so desired.5.

That

the value of each share shown in details in the Schedules hereto is Rs. which

is the value for the purposes of stamp duty.6.

That

this deed is being executed in triplicate, the original stamped copy shall be

kept with said KK and duplicates bearing the registry endorsements by the

remaining parties.IN WITNESS WHEREOF

parties hereto have signed this deed atof the

...Witnesses :

(Sd)..(KK)1..

(Sd)..(RK)2

(Sd)..(SK)SCHEDULE A (PROPERTY

WITH VALUATION)SCHEDULE B(PROPERTY

WITH VALUATION)SCHEDULE C(PROPERTY

WITH VALUATION)SCHEDULE D (LIST OF

DUCUMENTS OF TITILE