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What is Partition Deed for an Ancestral Property?

What is Partition Deed for an Ancestral Property?

Since the joint family structure is quite common in India, it often leads to disputes amongst the family members who are co-owners of ancestral property. The joint ownership of a property can become the cause of conflicts and arguments, especially when dividing the property share.

In such a scenario, the property partition deed is a legal instrument that aids co-owners to split their shares and acquire rights over the property.

Why does the need for partition arise?

When a few parties own a piece of land or built property jointly, they may have different interests and plans regarding the property. The need for partition arises when the co-owners decide to follow different paths. One may want to reside in the property, while the other may want to sell it. Since the property does not have clear divisions and is owned jointly, it becomes challenging to divide it into equal shares. This is where the partition deed can help.

What is the partition deed for a property?

Co-owners of a property can use this legal instrument to obtain their share rightfully. After the execution of this deed, all the co-owners will get equal shares of the property and will acquire full ownership rights. This empowers them to be able to sell, rent or gift the property according to their will. Essentially, each member will become an independent owner of the divided property.

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When can you execute the deed?

There are primarily two scenarios. In a partition deed, ancestral property gets divided from one piece into several shares, and the ownership of each share also changes. If there is mutual consent from all the co-owners, then the deed can be executed efficiently. However, if you want to execute the deed without mutual consent, you will have to file a lawsuit.

How is the property divided?

Based on the law, the property is divided depending on the share of the contribution made by the parties involved. Suppose three siblings bought a house for Rs. 90 lakhs and contributed Rs. 30 lakhs each, then the house will get divided into three equal shares.

Each sibling will acquire ownership of his or her own share. Similarly, if two siblings buy a house and contribute a 60:40 ratio, then the sibling who made the greater contribution of 60% will get a larger share.

However, this information has to be proven by presenting the necessary documents and records. In case the proof is absent, the court of law assumes an equal share for each member in the undivided property.

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Final thoughts

If you have just sold your ancestral property or plan to move into a new home, you might need a home loan to finance the purchase. At Tata Capital, you can get highly attractive home loan interest rates and enjoy quick loan disbursal!

We provide easy-to-fulfill home loan eligibility and minimal documentation, so you can move into your dream home as quickly as possible. Apply for a home loan ranging from Rs. 5 lakhs up to Rs. 5 crores by visiting our website today or simply download the Tata Capital Home Loan App!

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