Settlement agreement or family agreement or MOU or any other agreement
Hi Respected Lawyers,
My name was Pankaj Gupta and I was given into adoption 30 years ago and after adoption I am Pankaj Bansal since 30 years.
My land was acquired 2 years back and I have done a compromise with my biological father Ramesh Gupta that:
1)That the compensation amount from LAC be deposited in joint account of myself(Pankaj Bansal) and my biological father (Ramesh Gupta).
2)That all immovable properties will be bought jointly in the name of myself(Pankaj Bansal) and my biological mother Saroj Gupta from that compensation amount.
Note: The source of funds to buy the property will always be the compensation amount of my land that myself (Pankaj Bansal) and my biological father (Ramesh Gupta) have agreed to deposit into joint account of myself(Pankaj Bansal) and my biological father (Ramesh Gupta)
Now I want to enter into an agreement with my biological mother Saroj Gupta that whatever property that we will buy jointly from this compensation amount :
1)After the death of my biological mother Saroj Gupta, her share in the joint property will automatically be transferred into my name and I will become the absolute owner in possession of that property after her death. Any third party including the legal heirs of my biological mother Saroj Gupta will have no claim,right , title in the said property and all her legal heirs are excluded for any claim in this property.
Question number 1: The half share of property under my biological mother name will be treated as self acquired property or ancestral property??
Question number 2: Since my biological mother will explicitly exclude all her legal heirs from any right, title or intrest of her share in this agreement--
Can any legal heir of my biological mother claim any right in her share after execution of this agreement ????
Note: Since the property currently does not exists and this agreement will be applicable to the property bought in future in our joint names ---
Question number 3: What kind of agreement should myself and my biological mother execute with each other so that the agreement can be registered with sub registrar????
Settlement agreement or family agreement or MOU or any other specific agreement
Since the property currently does not exists , will the sub registrar register our agreement without any property id???
Asked 3 years ago in Property Law
Religion: Hindu
Hi Respected Lawyers,
I have signed a MOU/Settlement agreement with my biological mother. The agreement is printed on stamp paper and is duly notarized by the notary with 2 witnesses.
The agreement contains the condition that whatever property will be bought jointly in FUTURE in my and my biological mother name---my mother share after her death will automatically be transferred back to me and I will become absolute owner in possession of her share and all her legal heirs are explicitly excluded from any share , title, right , claim in her share.
Question number 1: Since the property does not exists and will be bought in future, is it mandatory to get the agreement registered in sub registrar office??
Question 2: The agreement that I have is signed by both parties along with 2 witnesses on stamp paper and duly notarized. Does this agreement also has legal validity and is binding on both the parties??
Asked 3 years ago