Agreement for Partition

Agreement for Partition

This agreement for partition is made this ……… day of …… 2000 between AB son of ……… residing at ……… one of the co-owners of the one part and CD son of ………… residing at ……… the other co-owner of the other part.

Whereas the parties hereto are the joint owners of the property comprised in the schedules hereto as absolute co-owners and whereas the parties have agreed to have the same partitioned and divided by metes and bounds for better enjoyment and effective control and dealings of their respective shares now it is hereby agreed by and between the parties as follows:

1. AB shall accept in severalty absolutely as his defined and demar-cated share in lieu of his undivided share in the entire property the portion comprised in the first schedule and the said CD shall likewise accept in severalty as his defined and demarcated share the portion comprised in the second schedule, and the said CD shall pay to the said AB the sum of  Rs. ……… as owelty money for equality of partition (or, and the said CD shall pay to the said AB for equality of partition such sum as shall be determined and awarded by EF etc., to whom the same shall be referred for arbitration).

2. The partition shall be effective as from the ……… day of ………, when the mutual conveyances and releases shall be executed for completing and giving effect to the same, and the said sum (of Rs. ……… ) shall also be paid. In case the said sum shall not be paid on that day for any reason whatsoever, the same shall be a first charge on the allotment and will carry interest at the rate of ……… per cent, per annum until payment or realisation.

3. The documents of title relating to the property shall be retained by the said AB, who shall enter into a covenant in favour of CD as to their production and delivery of copies thereof and an undertaking for safe custody.

4. The Deed of Partition shall be executed in duplicate and all the costs, charges and expenses of and incidental to this agreement and the partition to be made in pursuance hereof shall be borne and paid by the said AB and CD in equal shares.

The First Schedule

The Second Schedule

In witness whereof the parties hereto have executed these presents in duplicate on the day, month and year first above-written.

Signed, sealed and delivered by AB

in the presence of:

Signed, sealed and delivered by CD

in the presence of: