Family Settlement

2 years ago

Hi,

My father owns a property in Bengaluru and doesn't have any other immovable property to be given to his kids. He got it registered in his name in 1990 by executing a release deed from his father, sisters and brothers. He is sole and absolute owner of the property since 1990. My father has 3 kids - 2 sons including myself and 1 daughter. He wishes to transfer the property in Bangalore to my name and in consideration for the same, i am expected to pay certain amount to my brother and sister.

I am planning to request my father to execute a gift deed in my name of the said property by paying required stamp duty to government authorities. There will a seperate document on Rs. 1000 stamp paper called memoradum of family settlement which will highlight that since i have got ownership of the property I will pay the agreed amount to my brother and sister. This document will also talk about all other aspects like taking care of parents by myself and my brother.

Do you think this is the best way to legally deal with this situation?