OWELTY AND EQUALISATION AGREEMENT
Instrument/application date: __________
Party 1: __________, __________. Party 2: __________, __________.
Property: __________; . Regime: __________. Title source: . Assessment value: __________. Encumbrances: .
EXISTING SHARES
Relationship: . Existing shares: .
DIVISION / ALLOTMENTS
Scope: __________. Party 1 allotment: / . Party 2 allotment: / .
COMMON RIGHTS
__________. Details: .
POSSESSION
__________.
EQUALISATION
ENCUMBRANCES / DUES / DOCUMENTS
. . .
AUTHORITY / FUTURE DEALING
__________. Future dealing: .
INDEMNITY
DISPUTES
FILING
Filing/registration office: __________.
PARTITION SOURCE
__________, dated __________. Party 1 value: . Party 2 value: .
OWELTY OBLIGATION
Amount: __________. Payer: __________. Payee: __________. Due: __________.
PAYMENT
Structure: __________. Schedule: .
SECURITY
__________.
LATE PAYMENT
__________. Cure: __________ days. Remedy: .
TITLE EFFECT
__________.
LEGAL BASIS
Punjab: This template is a monetary equalisation agreement and is expressly drafted not to create or alter title. Article 5 applies; exact fixed denomination not confirmed. If the writing changes allotments or creates a property charge, a separate partition/security instrument must be stamped and registered.
Chandigarh: The same non-operative title structure is used. Article 5 applies; exact denomination not confirmed. The underlying partition/decree is what must be reflected in the Estate Office file for sector property.
PERSONAL DATA NOTICE
This notice is given under the Digital Personal Data Protection Act, 2023.
The purpose of collecting personal data in this owelty agreement is to identify the parties to the completed partition and administer the monetary payment used to equalise unequal allotment values.
The record will be held by __________ and may be shared with the parties, court/Sub-Registrar/revenue or Estate authority, surveyor, lender and advocates as needed for the stated partition process.
If the matter does not proceed, the personal data will be retained for 90 days and then erased. If the matter proceeds, the record will be retained for the matter plus 12 months, except where a statute requires a longer named retention period.
A person named in this document may request correction or erasure where the purpose has ended, withdraw consent for future consent-based processing, or raise a grievance by writing to __________. The record-holder should acknowledge and reply within 30 days.
Data minimisation: this document does not collect a full Aadhaar number, an Aadhaar-card copy, a password or bank credentials.
Personal-data instruction: __________.
SIGNATURE
Party 1: __________
Party 2: __________