Relinquishment Deed Format, Registration and Essentials

https://www.lawordo.com/
https://www.lawordo.com/

A relinquishment deed is a legal document that has the effect of giving up or releasing the rights, titles and interests of a particular legal heir in favour of other legal heirs in the common property.


FORMAT

Deed of Relinquishment is made on this —————-day of——————— by ————————————, residing at————————————— (hereinafter called the First party ).  which expression shall unless repugnant to the context thereof shall deem to include heirs, executors, administrators and assigns) OF THE FIRST PART.

AND

——————————- Residing at ———————————————— (hereinafter called the second party, which expression shall unless repugnant to the context thereof shall deem to include heirs, executors, administrators and assigns) OF THE SECOND PART.

Whereas the Party of the First Part is the legal heir of the deceased Late Shri/Smt.———————————————————————————– who died intestate.

AND WHEREAS the said Shri/Smt. ———————————————– has left behind him a property i.e. flat no.———– situated in ——————-admeasuring about ——————- sq. ft. consisting of ————————— rooms at————————————.

AND WHEREAS the second party has been residing with the deceased since last————— years.

AND WHEREAS during the lifetime of Shri/Smt.————————————– he had expressed his desire to bequeath the said flat to the party of the second part.

AND WHEREAS the party of the first part was also aware of the same and as such for transmitting share and interest in the said flat no.————————- in favour of the party of the second part and first party has shown his readiness and willingness to execute necessary documents by relinquishing his share and interest as a legal heir in the said property.

AND WHEREAS mutually it has been agreed that for the said share and interest as legal heir in the said property of Late Shri/Smt.———————— for consideration of Rs—————————————————————— to which second party has agreed to give to the party of the first part.

AND WHEREAS the second party in order to become exclusive owner of the premises, the first party relinquishes and ceases to have any right, title or interest therein.

AND WHEREAS it is necessary to bring this fact on record.

NOW, THIS DEED/INDENTURE WITNESSES:

  1. The First Party has released and relinquished in favour of the second party all their rights, titles an interest in the said flat situated at ———-and to hold the same as the absolute owner along with all furniture and fixture standing thereon. And the first parties do hereby declare that the said premise and has been the exclusive property of the second party with effect from———————–.
  2. That the first party does hereby declare that the second party is entitled to have his name incorporated as the owner of the said flat in the records of the society by transferring share, title and interest in his name. And the first party will do every such assurance or thing for further or more perfectly assuring the property released to the second party as may be reasonably required.

IN WITNESS WHEREOF the parties hereto have executed this instrument on the date, first hereinabove mentioned.

WITNESS

  1. First party
  2. Second party

What are the Key Components of a Relinquishment Deed?

  • Registration Of DeedRelinquishment deed is an essential legal document that is mandatory to get registered at the concerned sub-registrar office under “Section 17 of the Registration Act, 1908”.
  • Legal RightsAn heir can transfer or release his constitutional right of the inherited property through the Relinquishment deed (legal document).
  • ConsiderationA relinquishment can be made for a valid consideration (Release Deed) or even with no consideration.
  • IrrevocableEven if the relinquishment deed is done without any consideration, it is meant that its release is irrevocable by nature. More than one person should own the property if in question for a valid Relinquishment.

What are the essential considerations that need to be in the Relinquishment deed?

  • Title DescriptionThe introduction section of the Relinquishment deed should contain the words ‘relinquishment deed/deed’ with the details of “date of creation” of the document.
  • Executant And ReleasorSince the rights are to be released in a property by executing the document, therefore the person who makes the relinquishment deed is known as a releasor/executant. The details such as full name, father’s/husband’s name, and domestic address is required. It may be one or more of the prevailing shareowners.
  • ReleaseeThe person is known as a releasee who receives the relinquished titles/ rights/share. Attention should be taken to comprise all details like full name, father’s/husband’s name, and full address.
  • Property DetailsThe details of the entire property are vital (name of the last owner). It is implied that it is no need for a relinquishment deed for a property owned absolutely by a single owner only if there is no absolute owner at present. It is needed to mention all minute details such as a complete address, registration details, survey number, Sub-registrar office details like volume number, book number, office name, etc.
  • State The PurposeThe prime purpose should be mentioned in a relinquishment deed. It can happen that the absolute owner of the whole property died “intestate.” There would be no ‘complications’ that would amplify the creation of a relinquishment deed if there been a testament/will. It is because since division would be comparatively more straightforward and obviously with different shares.
  • Heir ParticularsAll present heirs to that property must be named preferably in a table with details like age, address, details of name/title, and relationship to the deceased ‘absolute owner.’
  • Share ParticularsThe property will be owned by heirs according to the applicable “Succession Act” if there is no existing will to the creation of the relinquishment deed, the proportion of shares held by each heir up should be stated.
  • RelinquishmentThe releasors/executants releasing their ‘shares in the property’, in favor of the releasee, are the most important clause in a relinquishment deed. It should mention that it has been done out of natural love and affection and without any monetary consideration.The property must be termed once again accompanied by a declaration that they and their legal heirs will have no claim above the mentioned property. It will be said that the property rights shall vest absolutely with the releasee only if all remaining heirs release their shares in favor of one heir.
  • Authorized SignaturesAll the releasee and the executants shall sign the document. Before being registered at the specified Sub-registrar office, it must be attested by two witnesses where the property is located.

What are the benefits of executing a Relinquishment Deed?

  • Seamless TransferA relinquishment deed when it is jointly owned is responsible for the smooth transfer of property.
  • Secure Transfer If No WillIf in the event of a death-no will have been written by the deceased individual (or intestate), in that case, relinquishment deed comforts in the transfer of property.
  • Other HeirsA relinquishment deed permits a legal heir to transfer ownership of the inherited property to additional legal heirs.

What are the documents required for a Relinquishment Deed?

  • Legal Documents of the Property
  • Registered Documents
  • A Written Document Stating Intention
  • Co-owners Details
  • Particulars required for a Release Deed
  • Name of the Releasor, Age, Address
  • Name of the Releasee, Age, Address
  • Property description
  • Details on consideration, if any.
  • Aadhar Card, ID Proofs, like Driver License, Passport, etc
  • PAN card of both the parties for the execution of Relinquishment Deed.
  • You will require two witnesses at the time of execution of Relinquishment Deed
  • Other Agreements which you might have entered into concerning the property
  • Other materials may need according to state requirements.

What is the Registration Procedure of Relinquishment Deed?

The Relinquishment deed must be registered as per Section 17 of the Registration Act, 1908. It is because the said deed is a legal document in which a legal heir transfers his constitutional rights in an inherited property in the act of kindness of other legal heirs.

The following are the steps comprised in the Registration of a Relinquishment deed. Those are as follows:-

  • Preparing/drafting a relinquishment deed is known to be the very 1st step towards the Registration Process. We advise you to consult a lawyer who can draft the deed as per your requirement.
  • The Relinquishment deed has to be printed on a stamp paper of Rs 100. Every detail should be mentioned in the deed of the relinquished property.
  • If the deed is prepared, the next step is to submit it before the sub-registrar of assurances within the jurisdiction where the property is situated.
  • Afterward, you have to pay the registration fee for its Registration. Generally, it is somewhere between ‘Rs 100-Rs 250’ in every state because the Registration fee varies from state to state.
  • On the fixed day for the deed’s registration, both the parties and two witnesses have to get an appointment (visit physically) for the sub-registrar office. Get all the documents with you for the verification and registration process as per requirement.
  • Registered Relinquishment Deed can be obtained after a week after the above-listed procedure is done.
  • A provision has been made under ‘Section 31 of the Act’ sanctioning the Registering officer in cases where a person is physically disabled and cannot visit the sub-registrar office. It helps the physically disabled attend at the residence of any person desiring to present a Relinquishment Deed for Registration.
  • It must be noted that the unregistered relinquishment deed is not a valid deed and not eligible for contesting in the court.

What are the Points to be considered on Relinquishment Deed?

  • Person who is the legal heir of the property can only be considered for the relinquishment of property and can only be done by. Both co-owners can do relinquishment if there are more than one heirs of an estate.
  • In the name of a person, the relinquishment of property can only be done, who is the ‘co-owner’ of the said property. Other than the co-owner, the relinquishment of the property may not be made in favour of a person.
  • The transaction will be treated as a ‘gift’ if relinquishment has made to a person (who is not a ‘legal heir’ of the property).
  • Relinquishment Deed must be signed by at least two witnesses and all the parties.

What is the validity of the Relinquishment Deed?

If the following situations are fulfilled, the relinquishment Deed will be considered valid. Those situations follow:-

  • The person must hold an interest in the property, which is relinquishing the property.
  • Apart from the father’s self-acquired property (no membership right throughout the lifetime of the father), the property to be relinquished should be a Joint Hindu Family property (ascribed membership).

Is it possible to challenge a Relinquishment Deed?

By and large, if any person transferring his/her claim over property has changed their mind, any registered deed cannot be revoked just on this ground. Relinquishment Deed used for revoking a general contract can be challenged based on the same grounds. It can only be revoked not as per your wishes but when there is a lack of agreement.

The parties involved, i.e., the person, must give their consent to the cancellation whose favour it was relinquished and who relinquished his property to revoke a Relinquishment deed. You can also approach the Civil Court to cancel the deed if the beneficiary of property is reluctant to cancel the Relinquishment deed. The available period is three years for challenging a Relinquishment deed according to the Limitation Act.


Disclaimer: These guides/articles are not legal advice, nor a substitute for a lawyer
These articles are provided freely as general guides. While we do our best to make sure these guides are helpful, we do not give any guarantee that they are accurate or appropriate to your situation, or take any responsibility for any loss their use might cause you. Do not rely on information provided here without seeking experienced legal advice first. If in doubt, please always consult a lawyer.

LEAVE A REPLY

Please enter your comment!
Please enter your name here