My father, through a settlement deed, left his four apartments, constructed from his earnings, to four of us (his sons) in 1996. Subsequently, in 2012, we brothers entered into a joint venture (JV) with a builder to construct six flats, two for him and four for us. Our eldest brother sold his flat and now the three of us are residing in our respective flats, while the other flats are in possession of others.
We brothers have just the settlement deed by our father and the JV from the builder wherein the undivided share is not mentioned explicitly. This creates a problem when we approach banks for a loan against the property. Could you please suggest a solution to make a new deed of partition or some other means to regularise the paperwork?
Chennai
Assuming the four original apartments were of equal size, all four of you would have got one-fourth share in the land. When the property redeveloped, you must have entered into a Joint Development Agreement under which all of you would have agreed to part with proportionate undivided share of land required for the fifth and the sixth flats. The builder should have entered into fresh construction agreements with the four of you, defining the undivided share of land retained by you and particulars of the new flats. The recitals of these Agreements will be adequate for dealing with your respective holdings in future. If not done already, these documents can be prepared and signed now as supplementary agreements to the parent Joint Development Agreement.
