2022-10-31 11:07:01

Relinquishment Deed

Introduction

Many people abandoned creating a will for years & sometimes people die without making a will. If the person died without making a will then it is known as “intestate”. It includes the property of a person which was inherited by his or her legal heir. In that case, they can go for a Relinquishment Deed which allows a smooth transfer of property. If there are two or more legal heirs and can request to separate the property in the future.

Relinquishment Deed

A relinquishment deed is termed means a legal document where a legal heir gives up his or her legal rights to inherited property in good faith to other heirs. When the person dies intestate then the relinquishment deed transfers his or her ownership to another co-owner. The legal heir will transfer their shares in favor of a co-owner or an additional legal heir, of the same property. A relinquishment deed will be allocated either for consideration or without any consideration.

Essential components of Relinquishment Deed

There are many components of a relinquishment Deed but some are given below:

Registration of Deed: Under section 17 of the Registrar Act, 1908, it is an essential legal document that is mandatory to bring registered at the concerned sub-registrar’s office.
Legal Rights: An heir can transfer his constitutional right to the inherited property by the way of a Relinquishment Deed or legal document.
Consideration: A relinquishment can be made for a valid consideration or without any consideration.
Irrevocable: If the relinquishment deed is done without any consideration that means its release is irrevocable by nature. If in question for a valid Relinquishment then more than one person should own the property.

Benefits of Relinquishment Deed

There are many benefits to be made by the relinquishment Deed which are mentioned as follows:

1. Seamless Transfer

When it is jointly owned is responsible for the smooth transfer of property through a relinquishment deed.

2. Secure Transfer If No Will

If in the event of a death without making any will by the deceased individual or person in that case, relinquishment deed comforts in the transfer of property.

3. Other Heirs

A relinquishment deed allowed a legal heir to transfer the ownership of the inherited property to additional legal heirs.

Documents required for a Relinquishment Deed

Documents required for the relinquishment deed that is mentioned below:

Legal Documents of the Property
Registered Documents
A Written Document in which Stating the Intention
Details of the Co-owner
Particulars needed for a Release Deed
Name of the Releasor, Age, and Address
Name of the Releasee, Age, and Address
Description of property
Consideration Detail, if any.
Aadhar Card, ID Proofs, like Driving License, Passport, etc
PAN card of both parties.
Two witnesses are required at the time of execution of the Relinquishment Deed
Other materials may need according to state requirements.

Registration Procedure of Relinquishment Deed

The Relinquishment Deed should be registered under Section 17 of the Registration Act of 1908. This deed is a legal document in which a legal heir transfers his constitutional rights in an inherited property to other legal heirs. Some steps comprised in the Registration of a Relinquishment Deed are given following:

Preparing a relinquishment deed is called to be the very first step toward the Registration Process. We advise you to consult a lawyer who can draft the deed according to your requirement.
The Relinquishment deed has to be printed on stamp paper of Rs 100. All detail must be prescribed in the deed of the relinquished property.
If the deed is prepared then the next step is to submit the relinquishment deed before the sub-registrar of assurances within the jurisdiction where the property is located.
After that, you have to pay the fee for its Registration. Generally, it is somewhere between Rs.100 to Rs.250 in every state because the Registration fee differs from state to state.
The day was fixed for the registration of the relinquishment deed because both the parties and two witnesses have to get an appointment or be physically present for the sub-registrar office. Bring all the documents with you for the verification and registration process according to the requirement.
Registered Relinquishment Deed can be obtained after a week after the above-given procedure is complete.
According to Section 31 of the Act, if a person is physically disabled and cannot visit the sub-registrar office then a disabled person attends at the residence of any person who desires to present a Relinquishment Deed for registration.
If you do not register the Relinquishment Deed then this deed is neither valid nor eligible for contesting in Court.

Validity of the Relinquishment Deed

The relinquishment Deed shall be regarded as valid if some conditions are followed. These are given scenarios:-

The person must have an interest in the relinquished property.
Apart from the father’s self-acquired property, the relinquished property should be a Joint Hindu Family property.

Conclusion

It concluded that Relinquishment Deed is a legal document where a legal heir gives up his or her legal rights to inherit property in good faith to other heirs. When the person dies intestate then the relinquishment deed transfers his or her ownership to another co-owner. The legal heir will transfer their shares in favor of a co-owner or an additional legal heir, of the same property. In that case, they can go for a Relinquishment Deed which allows a smooth transfer of property. If there are two or more legal heirs and can request to separate the property in the future.

eStartIndia will help you to draft a Relinquishment Deed from the comfort of your home.