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Relinquishment Deed

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What is the definition of Relinquishment Deed?

The term ‘relinquish’ denotes giving up. Thus, a Relinquishment Deed is a legal document drafted for the purpose of relinquishing, releasing or giving up one’s rights in an immovable property in favor of another.

What makes this document different from a gift deed one technical detail. Through a Relinquishment Deed, the rights in a joint or co-owned property are released in favor of those who jointly hold such property or have a similar interest in the same property.

Example, an individual can release his interest in a parental house in favor of his brother, sister or any other individual who already has an interest in the said parental house.

What is the consequence of a Relinquishment deed?

Through a Relinquishment Deed, one or more co-owners ‘relinquish’ their share, interest, and title in the co-owned immovable property in favor of another co-owner which results in enlargement of their share.

How is Relinquishment Deed different from a Gift Deed?

Gift deed and Relinquishment Deed may sound similar but are entirely different documents.

  • The first difference is the purpose. A relinquishment deed is preferred when one has no more interest in the property held jointly by one or more people. The interest in such property can be released in favor of the co-owner. Gift Deed, on the other hand, is for a document depicting a transfer of property with love and affection being the reason.
  • Through a Gift Deed, one can transfer share, right, interest, title in favor of anybody. Such is not the case for the Relinquishment Deed where the transferee mandatorily is a person with an already existing interest in the property.
  • No consideration of any kind follows a Gift Deed. Whereas consideration is optional for a Relinquishment Deed, i.e. the co-owner may decide to give up their interest in lieu of some monetary consideration, any specific act or without any consideration at all.

What are features of a Relinquishment Deed?

  • Any relinquishment of right in an immovable property must be in writing through a Deed of Relinquishment.
  • Such a written legal document must be signed by all the parties and by at least two witnesses.
  • A Relinquishment Deed shall be according to the provisions mentioned in Section 17 of the Registration Act, 1908. Thus, it must be registered. The registration of the Deed must take place in the office of the sub-registrar of the jurisdiction in which the immovable property situates.

What are the steps involved in obtaining a Relinquishment Deed?

  • One must be aware of the Stamp Duty to be paid along with as per the property rates, area and the states in which property situates. This shall be paid through a non-judicial stamp paper.
  • A Relinquishment Deed must be drafted by a legal expert. Contact us with the details and we shall assist you with the precise drafting.
  • The Relinquishment Deed shall then be registered at the office of the Sub-Registrar. The Date shall be fixed, the Registration Fee is paid.
  • The parties, along with suitable witnesses must be present for the registration with their government issued identity cards.
  • The Relinquishment Deed is then final within 10 days.

We will assist you in the following steps:

  • Call us for any queries that you have regarding Relinquishment Deed.
  • We will inform you about the details and the checklist of documents required for the effective drafting of the Deed of Relinquishment.
  • We shall draft the Relinquishment Deed as per your instructions.
  • This shall ensure you have an ideal experience of preparing a legal document.

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