Provision to cancel Settlement bonds for property sale
Posted on: 01/Dec/2018 3:48:00 PM
The Department of property registration has ordered that there is a provision of cancellation of Settlement Bonds given during property sale in case the terms conditions stipulated in the bond are not followed or violated.
Generally, the head of the family has the rights to bequeath his property to his heirs via a testament or will. Otherwise, the head of the family can use ‘settlement bonds’ in the form of a donation to the heirs.
In a recent incident, Kannan, a farmer from Thiruvannamalai, had divided his property of lands to his sons through the settlement bond. However, it is learnt that the sons did not take proper care of their father after this.
The collector of Thiruvannamalai conducted an enquiry and then arranged to cancel the settlement bond and the property was returned to the father under his name (Kannan).
This incident is shared and spread as a news in the social networking media.
Subsequently, there has been a confusion regarding the approach to be taken in case the person who gave the settlement bond wants to take it back.
The Inspector General of the Registration Department, Kumarakurubaran, has released an order In case a person who had given unconditional settlement bonds approaches alone and registers for cancellation, the application can be denied and returned. However, if the person approaches with the other party who agreed for the settlement bond as a receiver and then registers for cancellation of the settlement bond, it can be accepted and processed.
In case the person who received the settlement bond had failed to follow the rules and regulations stipulated in the bond, the rules and regulations can be reviewed and a decision can be taken. In case there is a clear proof of violation of the stipulated rules and regulations in the settlement bond, the registrars can take it up for processing the cancellation.
