Real estate properties are usually owned jointly by multiple people from the family. Indeed, the fact that there exists more than one stakeholder makes it difficult to divide or sell it generally due to the varied interests of the people who own the property. However, the government has ensured many provisions so that a property can be evenly distributed amongst its co-owners and one of those provisions is a Partition deed.
Partition deed for a property:
A partition deed permits the property to be split among the co-owners of the property such that each co-owner is given his share, thereby making him the rightful owner of the share in property allotted to him. Partition deed assures the legal division of the property, which is jointly owned by numerous people.
Once the division is done as specified in the partition deed, each member is entitled to sell, gift and transfer his share of the property as per his needs.
Common scenarios observed during a property partition process.
Partition with mutual consent:
It is the most mature and amicable way to divide the property. If all the co-owners of the property and land have mutually agreed to distribute property, they can move forward by executing a partition deed and registering it at the local registrar office to give it legal status. The partition deed will ensure the division of the property as per the share occupied by co-owners. Once the partition deed is executed, co-owners will become legal property owners of their individual share and are free to sell, gift or transfer the same.
Partition without mutual consent:
On the other hand, if the joint owners of the property are not on the same page over its division, a proper lawsuit should be filed in the court.
Don’t misinterpret joint ownership:
It is one of the most common misconceptions amongst property owners that joint ownership translates into an equal share for all stakeholders included. For instance, a person jointly holding property with another person does not signify that he owns half the property. The share of an individual depends on his investment and as specified in the sale deed.