A Relinquishment Deed is a legal document that is used to transfer the rights and interests of one or more co-owners in a joint property to one or more other co-owners. It is also used to relinquish or give up the rights of a co-owner in a joint property.
When the owner of a Joint Property passes away without drafting a will and if the legal heirs of the estate desire to transfer their interest in the ownership to any of the other co-owners, there arises a need for a relinquishment deed.
A Relinquishment deed is created in order to allow the co-owners to formally transfer their share of the property to another one of the owners. Hindu jointly-owned co-owners may choose to renounce their ownership of this tangible item in order to relinquish their claim to it. Continue reading to learn more about what a relinquishment document entails.
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Relinquishment Deed in a Joint Property
Hindu co-owners have the choice to execute a relinquishment deed to renounce their ownership stake in a joint property. A relinquishment deed is created and registered in order to enable the co-owners to officially transfer their ownership of the property to another co-owner.
By executing a relinquishment deed, a legal heir may relinquish their right to inherit properties in favour of other heirs. When a person passes away without leaving behind a will, the relinquishment instrument transfers ownership, and the legal heir, rather than another co-owner or legal successor of the same asset, if there is one, should relinquish their rights. Relinquishment deeds may be exchanged for cash or other assets through the sale. However, for the transfer to be regarded as a release or relinquishment, the parties concerned must be co-owners of the particular property.
When is a Relinquishment Deed Drafted?
A property owner may transfer his interest in ownership by several legal means, such as a gift, sale or a will. So, when is it necessary to draft a relinquishment deed, and how does it vary from other ways to transfer property?
Only in the case of properties acquired by inheritance is the transfer of property rights possible via a relinquishment deed. All of your ancestor’s properties, to that you are perfectly permitted by birth under Hindu law, as well as your family’s self-acquired property, would be included in the event of his death abroad.
Who is Authorised to Draught a Relinquishment Deed?
Only co-owners of a property are permitted to renounce their ownership stake. Additionally, they can only give up their part in favour of some other co-owner.
Advantages of a Relinquishment Deed
- A deed of relinquishment enables a smooth transfer of jointly owned property
- In the eventuality of death and the absence of a will, a relinquishment deed aids in the transfer of assets (or intestate)
- A legal heir may give ownership of their inheritance to other legal heirs through the use of a relinquishment deed.
Checklist for the Legal Document of Relinquishment Deed
- It is used to transfer an heir’s legal rights to an inheritance to another heir since it is thought to be a legally enforceable document
- A registered document has been submitted by section 17 of the Registration Act, of 1908
- Written Agreement: It has to be a written statement that all parties have signed with two witnesses present
- Co-owners: It can only be employed to transfer ownership rights among co-owners; it cannot be used to transfer ownership rights to a third party.
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How to record a surrender deed?
The following steps must be taken by the parties involved to file a relinquishment deed:
Step 1: On a sheet of stamp paper costing Rs. 100, draught the text of the Relinquishment deed. Verify that every item is accurate and that the manuscript has no grammatical or spelling problems. The draft’s language must make the essence of the agreement crystal obvious to all parties involved.
Step 2: Take all parties engaged in the transaction, as well as two witnesses, to the sub-office registrars in the relevant area. Everyone is required to go with their passport-sized pictures, originals, and duplicates of their identity and address proofs.
Step 3: To register the relinquishment deed, a small registration cost must be paid.
Step 4: The documentation would be registered and a certified relinquishment deed would be created within a week if the official was pleased with the nature of the deed. The documents can then be picked up by going to the register’s office.
Can a Surrendered Deed be Revoked?
Revocation of a filed relinquishment deed is not possible. According to the Registration Act of 1908, once a decision has been recorded, it cannot be changed. It may only be revoked, nevertheless, under the following situations:
- If you perform a deed under duress or the influence
- If you suspect that a scam involving the relinquishment deed has occurred
- if the final document misinterprets intentions
- You should go to the civil court if there are any differences.
Conclusion
When the customer shares the necessary information, the Relinquishment deed drafting process can start. Following the information exchange, lawyers are allocated to each client and keep in touch with them by email or mobile.
Vakilsearch additionally makes sure that the relinquishment deed process moves quickly so that clients do not have to wait. Additionally, we meticulously examine the documents before presenting them and keep you informed at every stage of the procedure.
