A legal heir must decide what to do with his property if a person dies intestate (will or testament). ). If the heirs choose to separate the property, either co-owner (who does not want to keep the property) can give up their co-ownership and transfer it to another person. Once the owner approves the transfer, the property will be abandoned.
Mandatory Elements of a Deed
A deed of relinquishment allows an heir to assign or release his or her legal property rights.
Shares of co-owners are released upon transfer of rights and shares of other co-owners are increased.
A deed of release or surrender cannot be revoked if property is owned by more than one owner.
The transfer of property to third parties assumes that they are co-owners. Otherwise, the property will be treated as a gift.
To waive rights to real property, a party must sign a waiver by her two witnesses.
Registration of an immovable property occurs in the office of the subregistrar whose jurisdiction it falls under under Section 17 of the Registration Act, 1908.
Relinquishment deeds can include or exclude consideration.
The cost of making and registering a relinquishment deed is not high.
Who relinquishes property?
In order for a relinquishment to be valid, other than compensation, if there are multiple owners in a property, the essentials of a valid contract must be followed.
Comparing Gift Deeds and Deeds
Deeds of Deeds
Deeds of Donation
1. Deeds reduce property rights.
2. Inheritance of abandoned properties is always guaranteed.
3 The person relinquishing ownership must have joint ownership.
4. A waiver may or may not require compensation.
1. An act of donation transfers property rights to others
2. Donations do not have to be inherited.
3. Anyone can acquire property for their own benefit.
4. Gifts Not Requiring Compensation
Registration of Releases
Releases must be systematically made and registered in accordance with section 17 of the Registrations Act 1908.
In order for a relinquishment deed to be registered, you must consult a lawyer, although if you are familiar with legal terminology, you can draft the document yourself. For a relinquishment deed to be registered, you must follow the following steps:
For relinquishment, a stamp paper of Rs.100 should be used. Every detail of the relinquished property must be included in the document.
In most states, a deed on stamp paper is submitted to the state’s subregistrar of assurances for registration, along with a registration fee that usually ranges between Rs. 100 and Rs. 250.
Two witnesses must sign the deed, as well as proof of identity (driver’s license, Adhar card, etc).