"Relinquishment of property" refers to transferring property from one owner to another. A person's property is inherited by their legal heir when they pass away intestate. Follow this article to know more about how to execute a relinquishment deed.
In this article, we will understand the meaning of relinquishment, how long it takes to register and execute a relinquishment deed and the steps to follow by the executants. Basic features of the relinquishment deed are also discussed. In the end, a list of documents required by the parties has been attached.
Meaning Of Relinquishment Deed For Property Verification
In a relinquishment deed, a legal heir transfers his legal ownership interests in the inherited parental property to another legal heir, such as his mother, son, daughter, brother, or sister.
The phrase “relinquishment” refers to one co-owner of property surrendering and giving up their rights, titles, and interests in the property in favour of the other co-owners. The expansion of the additional co-owners shares follows the surrender of one co-share owner of the property.
Basic Features Of The Relinquishment Deed for Property Verification
- A relinquishment deed must be in writing, and the deed must be registered. By “section seventeen of the Registration Act, 1908,” relinquishment deeds must be registered at the relevant sub-registrar office.
- Legal Rights should be claimed in the deed. An heir may transfer or relinquish his constitutional claim to the inherited property through the relinquishment deed.
- Consideration should be valid and reasonable in the eyes of the law.
- It should be Irrevocable, implying that its release is irrevocable by nature. If a legitimate Relinquishment is in issue, the property should be owned by more than one individual.
- Relinquishment can only be done between co-owners of the property.
How Is The Registration Of Relinquishment Deeds Made?
Section seventeen of the Registration Act of 1908 demands recording the relinquishment deed. This is because the deed of relinquishment is a document that necessitates a legal heir to transfer his legal rights to the inherited property.
Below Mentioned Steps For Registration Of the Relinquishment Deed Are As Follows:
- First, a relinquishment deed is drafted with the help of a legal adviser. We recommend that you connect with a lawyer who can draught the deed to your specifications
- Once the deed has been prepared, it must be submitted to the registrar’s office in the same jurisdiction where the property is situated
- Following that, you must pay the registration price for its registration
- On the fixed day for the deed’s registration, parties and two or more witnesses must get an appointment from the registrar’s office. Take all the necessary required documents for the verification process
- The registered deed took almost a week once the steps mentioned above had been followed
- Under ‘Section Thirty-one of the Act,’ a provision has been introduced to penalise the Registering officer when a person is incapable of visiting the sub-registrar office. It enables the physically challenged to attend from home or any suitable place of his comfort for registration of the deed.
How Long Does It Take To Execute A Relinquishment Deed?
Within four months after the execution date, all the paperwork must be given for registration within four months after the execution date. A further four months grace period will be granted based on a penalty if it is not completed within the allotted four months. The maximum fine the registrar may impose is ten times the registration fees. After registration, the Relinquishment deed can be picked up within 15 days.
What Do Parties Need To Do To Execute A Relinquishment Deed?
The executant must purchase a stamp paper of the same amount of the property he wants to transfer to the co-owner. Meanwhile, the date of execution and registration and the registration fee must be paid. The presence of two or more witnesses should be required on the day of execution, along with all the co-owners or legal heirs of the property. As the process is time-consuming, it is advisable to take advice and appoint a legal adviser for the respective concern.
Use Of Executing A Relinquishment Deed For The Legal Heirs
- In the absence of a will where the owner of the immovable property dies intestate, a relinquishment deed helps divide shares mutually and amicably between the co-owners or legal heirs
- A relinquishment deed, once executed, gives power to the parties that they may transfer the ownership to other legal heirs as well
- It helps in a smooth transfer of property to another person.
Documents Required For Relinquishment Of Deeds for Property Verification
- Legal Documents of the Property
- Registered Document
- 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
- Government Id proof required
- PAN card of Both parties for the execution of the Relinquishment Deed
- You will require two witnesses at the time of implementation of the Relinquishment Deed
- Other Agreements which you may have previously in the past as well
- Other materials may need according to state requirements.
Conclusion
A Relinquishment deed must be in writing and registered to give its legal validity. Such a deed can be made for consideration or even without consideration sometimes. Co-owners can relinquish their share in the property only in favour of another co-owner. In this article, you may find how long it takes to execute a relinquishment deed, what steps need to be followed by the parties to execute the deed, and what documents are required for relinquishing a deed. At Vakilsearch, we provide relevant and accurate.
FAQs
Is a relinquishment deed needs to be signed?
Yes. The parties must sign a relinquishment deed to the transaction and the witnesses present.
For what properties a relinquishment deed can be drafted?
Such property can be a father's self-acquired property or joint Hindu family property.ate information to our readers. Browse the website to view educational and informative blogs and receive expert advice.
