What is a Relinquishment Deed?
A legal document where under a legal heir gives up or releases his legal rights in an inherited/ parental/ joint property in favor of other co-owners. It is used to transfer ownership when the person dies intestate and the legal heirs shall transfer their shares in favor of another legal heir, who is a co-owner of the same property. A relinquishment deed shall be transferred either for consideration or without consideration. The stamp duty for Relinquishment deed is much cheaper compared with the Gift Deed.
For the transfer to be a release/ relinquishment, the only condition is that the parties must be co-owners of the property.
Documents / Details required:
- Particulars required for a Release Deed
- Name of the Releasor, Age, Address
- Name of the Releasee, Age, Address
- Property description
- If release on payment of consideration then Details about consideration
The drafting of the agreement would commence from the required information shared by the Client. Once the information is shared, we would assign it to the lawyers who would be working on the document and they shall get in touch with the client through mobile and Email.
The charges paid by the client are inclusive of the following:
- First draft in 3-4 working days.
- Two iterations followed by the First Draft at the Client's convenience.
It would take us 3-4 working days to deliver the first draft. However, we shall deliver the document within 24 hours, if you approach us on priority service and additional charges are applicable.
FAQs on Relinquishment Deed
Relinquishment deed is a legal document. Through this legal document, an heir can transfer or release his legal right of the inherited property.
The effects of the transfer of rights through a relinquishment deed are the release of the share of one co-owner and the enlargement of the shares of the other co-owners.
A relinquishment deed can be with or without consideration.
Relinquishment deed falls under Section 17 of the Registration Act, 1908 and hence, a release of rights in the immovable property must be registered.
The relinquishment of property can only be done by someone who has a share in the property. In case there is more than one owner in a property, either of the co-owners can do relinquishment. For a valid relinquishment, the essentials of a valid contract are to be followed other than the compensation.
The relinquishment of property can only be done in the name of a person who is co-owner or co-sharer in the property. Or in other words, relinquishment of property cannot be done in the name of any third person other than the already existing co-owner. Hence, for a valid relinquishment, the person getting the relinquished property must be a legal heir.
A property can also be transferred to minor and will be governed by the Indian Contract Act, 1872.
Under Sections 31 of the Act, a provision has been made authorising the Registering Officer, on special cause being shown (for instance if the person is physically handicapped) to attend at the residence of any person desiring to present a Relinquishment Deed for registration and accept for registration such a deed, provided Registering Officer is satisfied that the particular cause is shown as sufficient.
Signatures of two witnesses will be required to get a deed registered. Other documents such as passport size photos, identity proof (driving license, Adhar card, etc.) of the witnesses will be needed.
Gift and relinquishment are different kinds of transfer of property.
Relinquishment Deed is a deed by which one person releases or transfer his legal right to the property. Whereas Gift Deed is a deed by which one person gifts his legal rights in the property to any person. In a relinquishment deed, the property relinquished is always an inherited property whereas the property gifted need not always be an inherited property. The person in whose favour the property is relinquished must be the co-owner of the property whereas the person in whose favour the property is gifted can be anyone.
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