A property may be held by multiple heirs. A relinquishment deed must be signed by one of the property owners who wishes to give up their share or rights to the inherited property. In India, joint Hindu properties are covered by this deed. It guarantees that all legal rights to the property belong to the other co-owners.
Know the legalities and how to revoke a relinquishment deed if one of the co-owners of an inherited property wishes to give up their rights to the property.
Deed of Relinquishment: Meaning and Application
A relinquishment deed is a document by which a co-owner releases their share of parental property to another heir.To put it simply, this deed is created when one co-owner of an inherited property transfers his or her rights, interests, and title to the other co-owners.
Relinquishment/release deeds are executed between a property’s legal heirs, in contrast to gift, transfer, and sale deeds.A releasee does not have to pay a consideration to acquire the rights of the releaseor. In addition, until this deed is registered, it will not be legally binding. The Essential Parts of a Release Deed
Here are the Essential Parts of a Release Deed for Your Reference:
Simple procedure: A simple and inexpensive procedure enables the creation and registration of a release deed within a few days.
It is mandatory to register: The registration of the transfer of shares in an immovable asset is required by Section 17 of the 1908 Registration Act. The sub-registrar’s office where the inherited property is located is where the registration is signed.
Signature is required: The deed of relinquishment should be signed by all involved parties in the presence of two witnesses (minimum).
A release deed cannot be issued to a third party: An individual who is not a co-owner cannot benefit from a relinquishment of rights to immovable property. A property co-owner’s release of shares for the benefit of a third party will be regarded as a gift.
Unalterable: Even if the act does not involve any thought, it cannot be altered.
Consideration: A delivery deed can be executed regardless of paying any thought.
How to Register a Relinquishment Deed To register a relinquishment deed, simply follow the straightforward instructions below:
Step 1: On a 100 rupees stamp paper, draft the substance of the delivery deed. Verify that all of your information is accurate. This draft should not contain any typos or misspellings. The deed should be written in straightforward language to make the nature of the transaction clear to all parties.
Step 2: Go to the sub-registrar’s office in the relevant jurisdiction. The parties in question must be accompanied by two witnesses. They should all bring original documents proving their address and identity along with photocopies. Additionally, keep the passport-sized pictures close by.Step 3:a rupee fee100 to Rs. There will be a registration fee of $250.
Step 4:If the executive is pleased with the content of the registered release deed, it will be available within a week. It can be obtained from the sub-registrar’s office.
Difference Between a Gift Deed and a Relinquishment Deed
An owner can give another person their property through a gift deed. However, there are a few ways in which it differs from a relinquishment deed:
A gift deed, also known as a relinquishment deed, is a document by which a person transfers ownership of their property to another person.
A co-owner releases his or her property rights only for the benefit of the other co-owners by signing this deed. It’s possible that the involved property wasn’t passed down from parents.
The asset must have been inherited from a parent.
Gift deeds don’t require anything in return.
Compensation may or may not be included in release deeds.
Revocation of a Relinquishment Deed’s Provisions
An owner who has released his or her property share may revoke a relinquishment deed for any of the following reasons:
When someone has manipulated or coerced him or her into signing the deed, or when a fraudulent act has been committed to deceive him or her, all parties who have signed the document should cooperate with the cancellation process. If a beneficiary denies canceling the deal, the aggrieved party can go to court. A release deed can be revoked within three years of the date the deal was made, according to the Limitation Act.