If you are going to make a relinquishment deed but don't know what the deed format is then here is everything you need to know. Read on to learn!
A relinquishment deed is usually planned to enable the co-owners to legally transfer their property. It is done to pass a share of a property to another co-owner. Hindu joint property co-owners can relinquish their claim to this immovable asset by giving up their ownership. In the case where a property owner passes away without a will and his legal heirs of the estate choose to transfer ownership of that property to any of the other owners; a release deed is usually required.Relinquishment deeds are legal documents that permit a person to transfer their ownership of a property to another party. With their permission, the person relinquishes the possession.The relinquishment deed format is as follows.
Relinquishment Deed Sample Format
Relinquishment deed format for the self-acquired property This DEED OF RELEASE executed on this day of (year) by (name), s/o (father’s name) residing at (address) hereinafter referred to as the RELEASORS of the One Part; AND IN FAVOUR OF (Name), S/o (father’s name) residing at (address) hereinafter referred to as the RELEASEE of the Other Part; The term RELEASORS and RELEASEE shall mean and include their heirs, executors, legal representatives, and assigns. WHEREAS the property measuring an extent of (number) sq ft and the building thereon situated at (Door no, Road in Village), bearing Survey no. (number) and within the limits of District (name) was acquired by/through the father of the Releasor and the Releasee herein in and by sale deed dated from and registered as Document no. of Book 1 volume filed at pages to on the file of the Sub Registrar of____________________ WHEREAS the father of the Releasor and the Releasee died intestate on leaving behind the Releasor and Releasee as his Class 1 legal heirs. WHEREAS the property more fully described in the Schedule hereunder is one of indivisible and it has been agreed by the Releasor to release his undivided ___________ right in the property in favour of the Releasee and the Releasee has also accepted the same.
NOW THIS DEED OF RELEASE WITNESSETH AS FOLLOWS:
THAT the Releasor did not receive any consideration from the Releasee herein and has released and relinquished his undivided__________________________________________ ___________ right in the property more fully described in the Schedule hereunder in favour of the Releasee herein. THAT the Releasor hereafter does not have any right, title, interest over the schedule mentioned property and the Released hereafter enjoys the same absolutely with full right, title and interest over the property more fully described in the schedule hereunder. THAT the Releasor covenant and undertakes to execute any further documents that may be necessary for assuring the title in favour of the Releasee herein with respect to the property more fully described in the schedule hereunder at the cost of the Releasee.
SCHEDULE OF PROPERTY
In witness whereof, the Releasors have set their hands and signatures on the day, month and year first written in the presence of
WITNESSES:
This is the Relinquishment deed format.
Process of Registering a Relinquishment Deed
To register a relinquishment deed, the parties involved must complete this procedure:
- You would be required to conscript all the contents that are supposed to be there in a relinquishment deed on ₹100 stamp paper.
- You must make sure that every aspect of this particular conscript is accurate and that there are no mistakes in spelling or typing errors. The conscript should be written in such a way that it is very clear and transparent to all parties involved in the agreement.
- Then, along with all the other parties involved in the transaction who are concerned, you must go to the sub-office registrars in your region. Additionally, you need two witnesses. Everyone should keep a copy of their passport-sized photo as well as the original of their identity documents and address proofs.
- Nominal fee of ₹ 100 and ₹ 250 needs to be paid for registering a relinquishment deed.
- A registered relinquishment deed would be produced in a week if the official was finally pleased with the deed. Once there, you can pick up the documents for your future use by going to the sub-office. registrar’s
When to Create a Relinquishment Deed?
A property owner may transfer his or her ownership interest by a will, a gift, or another type of legal manner. Thus, when is it necessary to conscript a release document, and how does this differ from the various alternative ways to transfer property?
Only when a property is inherited is it possible to surrender ownership rights through a relinquishment deed. In a situation when your father passes away intestate then they would comprise all the ancestral possessions which is entitled to you by birth under Hindu Succession Law and the self-acquired property of your father (without a Will).
Who Can Create a Relinquishment Deed?
Only the co-owners of the property can relinquish their ownership. Additionally, they can only give up their portion to another co-owner of that same property; nobody else can.
Can Relinquishment Deed Be Revoked?
Revocation of a registered relinquishment deed is not possible. The Registration Act of 1908 states that once a decision has been registered, it cannot be changed. It can only be revoked, however, under the following situations:
- If one is forced or influenced to make a deed
- If one has fraud has taken place to dupe the relinquishment deed
- If parties’ intentions are misinterpreted in the final document
If there are discrepancies then you should visit the civil court. Within three years following the deed’s execution, the relinquishment deed may be revoked. The deed cannot be cancelled after three years have passed.
Is It Mandatory to Register the Relinquishment Deed?
In accordance with Section 17.1(b) of the Registration Act of 1908, a document must be registered if a right to real property is created, or transferred. As a result, a relinquishment deed must be officially recorded to provide the necessary legal confirmation. A disagreement over a relinquishment deed will not be admitted in court if it is not registered, according to Section 49 of the Registration Act.
To Know More about Release Deed Documents Required
Conclusion
We hope, with the knowledge provided above, one has understood what the relinquishment deed format is, how it can be made, and where one can use this deed. Our experienced legal team at Vakilsearch can help you conscript a relinquishment deed and keep you away from the hassles of hefty paperwork in just a few clicks. Get in touch with us today!
