Relinquishment Deed: Co-owners of a joint Hindu property can abandon their ownership rights by signing a relinquishment deed. To allow co-owners to lawfully surrender their portion of the property to another co-owner. A relinquishment deed is drafted and recorded.

 

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What is the meaning of a relinquishment deed?

Use of a relinquishment deed

When a property owner dies intestate. That is, without a will, and the legal heirs opt to give up their claim to the property in favour of a co-owner, the need for a relinquishment deed emerges.

 

Consider the following scenario:

Assume three boys acquire a huge estate in their hometown after their father dies without leaving a will. Two of the three sons work in separate places. Making managing the estate in their hometown difficult. They may elect to transfer their rights to the third brother. Who lives near to the family property, in this situation. Assume the two brothers agree to relinquish their ownership of the land without compensation. To formalise the procedure, a deed of relinquishment would need to be created and recorded. Even if the two brothers paid for the transfer, a comparable deed would be produced to make it lawful.

To properly prepare a relinquishment document, which is also known as a release deed in legal terminology. One must first comprehend the laws involved.

 

When does a relinquishment deed become effective?

An owner can transfer his interest in a property by a variety of legal means, such as a sale. A gift, or a bequest. So, when is a relinquishment deed required, and how does it vary from other types of property transfer?

Only in the case of inherited properties is it permissible to transfer rights in a property through a relinquishment document. These would include all of your ancestral holdings. To which you are entitled by birth under Hindu law. As well as your father’s self-acquired property in the event he dies interstate.

Who has the authority to create a relinquishment deed?

Only co-owners of a property have the option to sell their share. In addition, they can only sell their stake to another co-owner.

Is it necessary to record a relinquishment deed?

The Registration Act of 1908 stipulates that every instrument that creates or transfers a claim over immovable property must be registered under section 17 (1) b. As a result, in order for a relinquishment deed to be legally legitimate. It must be registered. In the event of a disagreement. Section 49 of the Registration Act states that an unregistered document that is required to be registered. Under Section 17 is inadmissible in a court of law.

 

What is the procedure for registering a relinquishment deed?

To register a relinquishment deed, the parties must complete this step-by-step procedure:

Step 1: On a 100-rupee stamp paper, draught the content of the relinquishment document. Make certain that every aspect in the manuscript is right. And that there are no typos or spelling issues. The text must be written in such a way that the essence of the contract is obvious to all parties involved.

Step 2: Take every person engaged in the transaction, as well as two witnesses. To the sub-office registrar’s in the affected region. Everyone must bring their passport-sized pictures. As well as the originals and photocopies of their identification and address proofs.

Step 3: Pay a small charge for the registration of the relinquishment document. Which ranges between Rs 100 and Rs 250.

Step 4: If the official is happy with the deed’s nature, it will be registered. And a registered relinquishment deed will be prepared within a week. The paperwork can then be picked up at the sub-office. registrar’s

What if one of the parties can’t get to the sub-office?

If one of the applicants is unable to reach the sub-office registrar’s due to a terminal illness or other handicap. They may file an application to have an official complete the registration at their home. The registration officer is authorised to visit the premises of such a party under Section 31 of the Registration Act.

What if one of the parties can’t get to the sub-office? registrar’s

If one of the applicants is unable to reach the sub-office registrar’s due to a terminal illness or other handicap. They may file an application to have an official complete the registration at their home. The registration officer is authorised to visit the premises of such a party under Section 31 of the Registration Act.

 

What is the difference between a relinquishment and a gift deed?

A gift deed is another method of transferring property from one owner to another. A gift deed, on the other hand. Differs from a relinquishment deed in various ways, despite certain similarities.

Beneficiary: Property can only be relinquished in the name of someone who is a co-owner of the property. An owner can give up his right to anybody he chooses by a gift deed. Regardless of whether or not that person is a legal heir to the property.

In a gift deed, the transferor does not get any money in exchange for relinquishing his claim to the property. A relinquishment, on the other hand. Can be made for or without consideration.

Registration and stamp duty: Gift deeds, like release deeds. Are required to be registered under Section 123 of the Transfer of Property Act. While both deeds must be registered in order to be lawful. The stamp duty rates for registering a gift deed are greater than those for registering a relinquishment deed.

Transfer to minor: A minor might be given a property. The property might likewise be passed to a minor through a relinquishment document. The Indian Contract Act of 1872 will apply in such instances.

Cancellation: A gift deed, like a relinquishment deed, is irreversible once it is signed.

 

Is it possible to withdraw or contest a relinquishment deed?

An irreversible relinquishment deed is one that has been recorded. The parties to this transaction are unable to back out due to a change of heart or view at a later date.

Revocation of a relinquishment deed for the following grounds

A co-owner who has surrendered his interest in the property has the ability to cancel a release deed for a variety of reasons, including:

Deception has been perpetrated on him.

If he was coerced or persuaded into entering into the arrangement.

Objective in the final paper was misunderstood.

However, because all parties engaged in the contract’s signature must cooperate in the cancellation procedure. The aggrieved party will have to go to civil court if the beneficiary refuses to consent to the cancellation.

 

Revocation of the release deed has a time constraint.

According to the Limitation Act, a relinquishment deed must be annulled within three years of the date on which the privilege was awarded.

 

 

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