Memo of Family Settlement

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Memo of Family Settlement’s format is given below.

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MEMORANDUM OF FAMILY SETTLEMENT

THIS MEMORANDUM OF FAMILY SETTLEMENT is made and executed today on ____ day of ______ 20XX, at _____ by and between:-

(1) XYZ S/o _______ R/o ________________ (hereinafter called the party of the 1st part) which expression shall mean, bind and include his legal heirs, successors, executors, representative and assignees; 

(2) ABC S/o ________ R/o ______________ (hereinafter called the party of the 2nd part) which expression shall mean, bind and include his legal heirs, successors, executors, representative and assignees; and 

(3)    LMN S/o ________ R/o ________________ (hereinafter called the party of the 3rd part) which expression shall mean, bind and include his legal heirs, successors, executors, representative and assignees. 

WHEREAS the father of the parties namely _______ had died on ________ and before his demise he was the owner in possession of residential house constructed on plot measuring ______ sq.ft. situated at ________________ consisting of four rooms, one kitchen, one drawing, one lobby, one verandah, one porch, one store and two toilets. which was constructed/purchased by him from his own resources during his lifetime (more particularly to be shown in the site plan attached herewith). It is submitted that the mother of the parties namely ___________ had also died on _________.

AND WHEREAS Father named________ had made oral will that the said property be inherited by his three sons i.e. parties of the first, second and third part. The aforementioned ________ had died and the parties to this Memorandum of Family Settlement were stepped into their shoes as their legal heirs. 

WHEREAS parties to this deed are in possession of the said property but now have decided to settle and divide the said property among themselves as per the site plan annexed with this deed. In which Portion-A of the said house will exclusively vest in the party of first part namely XYZ as specified in the said site plan, similarly the portion marked as B of the house shall vest in the party of the second part namely ABC as specified in the said site plan and the C portion of the house vest in the party of the 3rd part namely LMN as specified in the said site plan. Now in order to avoid any future controversy regarding the said plot/property measuring _____ sq. ft and as per oral family settlement between the parties. All the parties have decided to execute to this memorandum of family settlement and reduce oral settlement into writing. 

NOW THIS MEMORANDUM OF FAMILY SETTLEMENT WITNESSETH AS UNDER: –

  1. That the party of 1st part has inherited Portion-A of the said house and from the date of execution of this Memorandum of Family Settlement, the party of 1st part shall be exclusive, absolute owner in possession of the said portion as parties of 2nd  and 3rd part relinquish, extinguish, forego and waive off their all and every right, title and interest in portion-A of the said house for all times together.
  1. That the party of 2nd part have inherited Portion-B of the said house and from the date of execution of this Memorandum of Family Settlement, the party of the 2nd  part shall be exclusive, absolute owner in possession of the said portion as parties of 1st & 3rd part relinquish, extinguish, forego and waive off his all and every right, title and interest in portion-B of the said house for all times together.
  2. That the party of 3rd part have inherited Portion-C of the said house and from the date of execution of this Memorandum of Family Settlement, the party of the 3rd   part shall be exclusive, absolute owner in possession of the said portion as parties of 1st & 2nd part relinquish, extinguish, forego and waive off his all and every right, title and interest in portion-C of the said house for all times together. 
  1. That the parties to this Memorandum of Family Settlement recognize and accept each other as absolute owner in possession of respective portions in the said house mentioned hereinabove which is being vested in them by virtue of this Memorandum of Family Settlement.  
  1. That every party to this deed shall be fore transfer alienate, and sell his portion of the house, lease, mortgage or put under lien his portion of his house of his own choice without any objection from the other party to this Memorandum of Family Settlement or the parties in possession may construct, reconstruct or repair his portion of the house as he deem fit in accordance with law. 
  1. That the parties to this Memorandum of Family Settlement on further sell, transfer, alienated or mortgage, lease, out or put under lien their respective share as he may choose. 
  1. That the parties to this Memorandum of Family Settlement have settled to their accounts and share with each other and nothing remain outstanding or balance between them. 

IN WITNESSES WHEREOF the parties to this deed put their hand and signatures and the day date above mentioned in the presence of the following witnesses. 

  EXECUTANTS

1. XYZ

2. XDS

WITNESSES

1 XYZ  

2

DRAWN AND DRAFTED BY:- 

ADVOCATE

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