What is Partition Deed?
Partition is a combination of surrender and transfer of certain rights in the estate except those which are easement in nature.

The transferee can then further deal with the property in any manner as he may so desire. He can sell, transfer, exchange , or gift the property as its absolute owner.

The partition deed is required to be registered at the office of the sub-registrar of the place where the property is situated as in case of any other registration

Stamp Duty and Registration Fee to be paid

A co-owner's share in a property is inheritable and transferable.

What are its Benefits ? Legally, Monetarily

What could be its pitfalls?


Reference
1. http://economictimes.indiatimes.com/slideshows/real-estate/how-a-property-can-be-partitioned-between-co-owners/slideshow/18200870.cms
2. Registration FAQ - http://registration.ap.gov.in/CitizenServices/FAQS/Registration_FAQ.pdf
3. Encumbrance Certificate - http://www.thehindu.com/features/homes-and-gardens/q-and-a/understanding-the-encumbrance-certificate/article4298465.ece