How To Remove A Co-owner From A Title Deed?
Remove Co-owner From Title Deed- One can own real estate jointly or alone. Several owners, such as parents, siblings, married and single couples, are involved in joint ownership. However, there may be situations where a co-owner needs to be removed off the property title deed, such as family disagreements. What therefore has to be done at that moment? Continue reading to learn how to strike a co-owner from the property title deed.
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Mr. Siddhant Nigam, a resident of Ghaziabad, and his business associates jointly own property. He wishes to disassociate himself and his partner from the property after a disagreement. This got him wondering if he could take the co-owner from the property’s title deed. How does the property title deed fit into the whole procedure, assuming that’s even possible? This article offers insightful information about this query. But first, let’s clarify what a property title deed is and how a co-owner might be taken out of it.
What is a property title deed?
When property rights, responsibilities, and entitlements are unclear, a property title deed is helpful. It’s a legal document that proves interests and ownership rights in real land. In India, a property title deed is also an essential document used to transfer ownership between two or more parties.
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How may a co-owner be legally removed from the title deed to a property?
Some legal methods for removing a co-owner from the title deeds of a residential or commercial property are as follows:
Relinquishment deed: A legally binding instrument whereby a co-owner willingly cedes their portion of the property’s ownership. To be legally binding, this deed needs to be signed by each co-owner, executed on stamp paper, and filed with the Sub-Registrar’s office. A release deed is an additional method of deleting a co-owner from the property title deed.
Release deed: This is an additional method of deleting a co-owner from the title deed to the property. When one co-owner wants to give their ownership stake to another or to a different entity, they use it. The release deed must be executed on stamp paper and needs the approval of each co-owner, just like the relinquishment deed. For legal validity, it is also registered with the office of the Sub-Registrar. The guidelines for the execution & registration of these deeds are outlined in Section 17 of the Registration Act of 1908. At least two witnesses must sign both deeds.
Quitclaim deed: A quitclaim deed is a legal instrument that expunges the co-owner’s name from the title and transfers all rights to the property.
Partition lawsuit: A co-owner may file a partition lawsuit against other co-owners in order to dissolve their joint venture. If approved, the court could order the property to be sold, allowing co-owners to be removed off the deed without their permission.
Gift deed: A gift deed is a legally recognised instrument that is used to transfer ownership of property from one party (the donor) to another (the donee) in the absence of a monetary exchange.
What distinguishes a co-owner of property from a joint owner?
Equal share and right ownership, frequently including survivorship rights, is what is meant by joint ownership of property. Conversely, being a co-owner denotes joint ownership, which isn’t always equal and doesn’t always entail survivorship rights. Both phrases refer to different people having ownership interests in the same property, but the main distinction is in the details of their ownership structure and legal rights.
What is the property co-owner’s legal rights in India?
It is essential that both owners are aware of their rights before deleting the co-owner from the property’s title deed. The following guidelines list some important rights of co-owners of real estate.
- The right to use, occupy, and enjoy the property in accordance with their percentage of ownership
- Subject to the consent of the other co-owners, each co-owner is free to sell or otherwise transfer their portion of the property.
- The right to a portion of any revenue or earnings derived from the property
- Unless the title deed specifies otherwise, co-owners are entitled to take part in decisions regarding the upkeep and management of the property.
In summary, meticulous deliberation and strict adherence to legal protocols are necessary when eliminating a co-owner from an Indian property title deed. For a smooth transfer of property ownership, the procedure is required, whether by a release or relinquishment document. All parties concerned benefit from transparency, justice, & peace of mind when they are aware of its legal ramifications.
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