A relinquishment deed is a legal document where a legal heir gives up his/her legal rights to inherited property in favor of other heirs. The relinquishment deed transfers ownership when the person dies intestate, and the legal heir (by inheritance) shall transfer their shares in favor of another legal heir, or co-owner of the same property. A relinquishment deed shall be transferred either for consideration or without consideration. However, in order for the transfer to be a release or relinquishment, the parties involved must be co-owners of the property.
What are the Benefits of Using a Relinquishment Deed (Benefits)
- A relinquishment deed provides for seamless transfer of property when it is jointly owned.
- A relinquishment deed helps in the transfer of property, in the event of a death and no will has been written by the deceased individual (or intestate).
- A relinquishment deed allows a legal heir to transfer ownership of his/her inherited property to other legal heirs.
Checklist for a Relinquishment Deed (Checklist)
- Legal Document: It is considered to be a legally binding document, and hence used to relieve the legal rights of an heir from an inherited property to another heir.
- Registered Document: It must be registered under section 17 of the 1908 registration act, to be considered as a legally valid document.
- A Written Document: It must be a written document signed by the parties involved, in the presence of two witnesses.
- Co-owners: It can only be used to transfer rights to an inherited property among co-owners, and not to a third party.
What is the Procedure For Drafting A Relinquishment Deed (Procedure)
he drafting of the Relinquishment deed would commence from when the required information is shared by the client. Once the information is shared, lawyers are assigned to the respective client and they stay in touch with him/her through mobile or email.
The charges paid by the client are inclusive of the following:
- First draft in 3-4 working days.
- Two iterations followed by the First Draft at the Client’s convenience.
What is the Timeline for the first draft of A Relinquishment Deed (Timeline)
It takes approximately 3-4 working days to deliver the first draft of the Relinquishment Deed. However, it can also be delivered within 24 hours, on a priority basis, for which additional charges are applicable.
How Can We Help In Drafting A Relinquishment Deed
- The relinquishment deed is prepared by an assigned legal representative from Startupgenie
- The deed is registered under section 17 of the 1908 registration act, to make it legally valid.
- A stamp paper is purchased and used for the registration process.
- The Startupgenie legal representative will coordinate with the Sub-Registrar’s office to secure a date for the registration process. The registration fee is also paid.
- The parties involved in the relinquishment process arrives at the Sub-Registrar’s office to sign the deed, along with two witnesses.
Documents Required To Create A Relinquishment Deed (Documents Required)
- Particulars required for a Release Deed
- Name of the Releasor, Age, Address
- Name of the Releasee, Age, Address
- Property description
- If release on payment of consideration, then Details on consideration
FAQs on Relinquishment Deed
Is the Relinquishment Deed a legal document?
The Relinquishment Deed is a legal document that allows a legal heir to transfer or release his/her legal right of inherited property to another legal heir.
What are the consequences of a Relinquishment Deed?
The effects are the release of shares of one co-owner and the increase of shares for other co-owners.
Is consideration essential in a Relinquishment Deed?
A relinquishment deed can exist with or without consideration.
Is it compulsory to register the Relinquishment Deed?
Relinquishment deed falls under Section 17 of the Registration Act, 1908 and hence, a release of rights in the immovable property must be registered. The Relinquishment Deed falls under Section 17 of the Registration Act, 1908 and hence, the relinquishment of rights must be registered.
Who can Relinquish a property?
The relinquishment of property can only be done by someone who has a share in the property. In case there is more than one owner in a property, either of the co-owners can do relinquishment. For a valid relinquishment, the essentials of a valid contract are to be followed other than the compensation.
Under whose name is a property Relinquished?
The relinquishment of property can only be done in the name of a person who is co-owner of the property. The relinquishment cannot be executed in the name of a third person other than an existing co-owner. Hence, a valid relinquishment involves the release of rights by a legal heir.
Can a property be relinquished in favour of a minor?
A property can be transferred to a minor, but will be governed by the Indian Contract Act, 1872.
Is it possible to register a relinquishment deed to register in a person’s private residence?
Under Section 31 of the registration act, a provision authorizes the registering officer, on show of special cause (for instance if the person is physically handicapped), to attend at the residence of any person desiring to present a Relinquishment Deed for registration and accept for registration such a deed, provided registering officer is satisfied that the particular cause that is shown is sufficient.
What are the witnesses and other processes to register a Relinquishment Deed?
Signatures of two witnesses will be required to get a deed registered. Other documents such as passport size photos, identity proof (driving license, Adhar card, etc.) of the witnesses is required.
Are gift and relinquishment deeds one and the same?
Gift and relinquishment are different kinds of transfer of property.
What are the Differences Between Gift and Relinquishment Deed?
A Relinquishment Deed enables one person to release or transfers his/her legal right to the property. Whereas, a Gift Deed enables one person to gift his/her legal rights in a property to any person. In a relinquishment deed, the property relinquished is always an inherited property whereas the property gifted need not always be an inherited property. The person in whose favor the property is relinquished must be the co-owner of the property. whereas the person in whose favor the property is gifted can be anyone.