RELINQUISHMENT DEED
A Relinquishment deed is a legal document or formal process of releasing a legal heir’s right in an inherited property for another legal heir. When a property is owned together by two or more people especially through inheritance, one the party may release ownership right over the property in favor of another with or without consideration. The legal document that is created by a release in favor of a release for the purpose of realizing the former’s share of the property to the latter.
Panomics Legal Mentors is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to all kinds of deeds, agreements, legal notices, negotiable instruments, company registrations, intellectual property, tax services, personal and property services.
Panomics Legal Mentors will help you to draft a Relinquishment Deed from the comfort of your home, offering you services that are very specialized and tailored as per the requirements.
Get a Free Consultation for Relinquishment Deed with Our Top Rated Experts with a simple registration.
WHY CHOOSE Panomics Legal Mentors?
This organization comprises of expert legal professionals, who use their expertise will draft your Relinquishment Deed that shall cover all the legal requirements and needs of the parties. The experience and the knowledge that our professionals hold can help you in including clauses in your deed that shall effectively describe the relationship between the parties and property as well as avoid confusions or difficulties in the future.
IMPORTANT ELEMENTS OF THE RELINQUISHMENT DEED
• Legal Document- It is a legal instrument which an heir can leverage to transfer his legal right of inherited property to another person.
• Irrevocable- A deed cannot be canceled even if the deed was made in error.
• Must be in writing- For relinquishment of immovable property, it is necessary to be done through a written document and signed by the parties along with the presence of at least two witnesses.
• Relinquishment deed must be registered: It is mandatory that a deed must be registered under Section 17 of the 1908 Registration Act. The registration must be done at the office of the Sub- Registrar as per the jurisdiction of the property.
• Easy Process- The process of registering a deed is very simple and easy.
• Legal Document- It is a legal instrument which an heir can leverage to transfer his legal right of inherited property to another person.
• Irrevocable- A deed cannot be canceled even if the deed was made in error.
• Must be in writing- For relinquishment of immovable property, it is necessary to be done through a written document and signed by the parties along with the presence of at least two witnesses.
• Relinquishment deed must be registered: It is mandatory that a deed must be registered under Section 17 of the 1908 Registration Act. The registration must be done at the office of the Sub- Registrar as per the jurisdiction of the property.
• Easy Process- The process of registering a deed is very simple and easy.
WHO CAN RELINQUISH A PROPERTY?
The one who has the legal share in the property, whereas if there is more than one legal heir, either of the legal heirs can do the relinquishment deed. For relinquishment of a property to be valid, it is necessary to comply with the essentials of a valid contract, except consideration.
CONTENTS OF THE RELINQUISHMENT DEED
The following contents should be included in a Relinquishment Deed:
• Introduction of the title –In a deed, it must have an introduction with the words “Relinquishment Deed or deed of Relinquishment” along with the date of creation.
• Stating the Releasors (Executants)- At the time of the drafting, it is important to state the Releasors or Executants. The Releasors is the person who makes the deed of relinquishment along with full details such as full name, address, husband or wife’s name should be mentioned. Executant is the direct legal heir to the inherited property.
• Stating the Releasee- The Releasee is the beneficiary person of a Releasor’s rights, share, titles. At the time of the drafting the deed of relinquishment, it is important to state the entire details of releases such as full name, address, husband or wife’s name should be stated.
• Description of the Property- A deed of relinquishment must state a full description of the property also mentioned the last absolute owner of the property. The description of the property should capture the entire details like address, registration and survey number and all the Sub- Registrar’s office details such as office number, book number, volume number and the name of the office.
• Purpose- It is important to state the exact purpose of the deed of relinquishment in documents such as natural love and affection.
• Details of the Heir-In the deed of relinquishment, the details of all the heirs who entitled that property should be clearly mentioned such as full name, age, address and relationship to the deceased owner must be clearly outlined.
• Signature- The deed of relinquishment must be signed by all the parties along with the presence of at least two witnesses before the Sub- Registrar office as per the jurisdiction of the property.
• Relinquishment- One of the important clause in the deed, In the statement of the deed the executants should have mentioned that he releasing his shares in the favor of the release without any financial transaction. It should be stated in the property’s description, once again, along with a declaration that the executant shall have no right in the property after the deed is completed.
PROCESS
1. DRAFTING: The relinquishment deed has to be drafted with the help of a legal professional who knows to incorporate every valid detail. The deed must contain information pertaining to who relinquishes the property to whom, the description of the property, date of transfer, etc.
2. REGISTRATION: According to Section 17 of Registration Act, the Relinquishment Deed has to be registered before the Sub-registrar within the jurisdiction where the property is located along with payment of registration fee which shall depend upon which state law is applicable.
3. SIGNATURE: The deed has to be signed by witnesses and the party to make it valid. The parties must produce every relevant document along with the deed for verification purpose.