A relinquishment deed helps legally transfer rights and shares in immovable property such as inherited land and homes from one of the co-inheritors to the others. The relinquishment deed or release deed is most useful, particularly in the case of property inherited due to someone’s passing away without a will. In the article below we review the connection between release deeds and inherited property.

Importance of Release Deed for Inherited Property

Co-ownership in Inherited Property: In India, as per laws such as the Indian Succession Act, Hindu Succession Act, and Muslim Personal Law in case the head of the family or surviving parent passes away intestate or without registering a will, her property is inherited by her legal heirs. These heirs co-own the property and have equal shares in it.

Relinquishment Deed: At any time one of the co-heirs can voluntarily decide to give up his share in the property in favour of the other co-heirs. To do so he must execute a relinquishment deed stating this intention. Upon relinquishing his share the other co-heirs get an equal portion of the relinquished share in the property, resulting in an equal distribution of ownership.

Legal Transfer: A relinquishment deed must be registered to be valid and enforceable. For this purpose, it is executed on Rs. 100 stamp paper and registered at the sub-registrar’s office for a nominal fee. It is also necessary to ensure that the relinquishing party was not forced or coerced in any way to give up his share in the property.

Avoiding Future Disputes: A legally executed relinquishment deed ensures the relinquishing party willingly surrenders his share through a legally binding document, thus ensuring a clear and undisputed transfer of rights to the co-heirs. This prevents future disputes among the co-heirs regarding the ownership and division of inherited property.

Documents Required for Release Deed

A number of documents are required to get a release deed. These include

All legal property documents
Other registered documents pertaining to the property
Description of the property
A written statement from the relinquishing party stating their intention
All details of the co-owners
Details of any consideration being paid
Particulars of the releaser - name, age, and address
Particulars of the releasee - name, age, and address
ID and address proof of both parties - PAN card, Aadhaar, passport, etc.
Details of the two witnesses required for registration
Any other agreements that the involved parties may have entered into

In conclusion, a relinquishment or release deed ensures the legal transfer of property rights and ownership between co-inheritors of property.

Frequently Asked Questions

1: Can I relinquish my share in the inherited property to another benefactor?

Ans: A relinquishment deed can only transfer property rights among joint owners or co-heirs of a property, no third party is allowed.

2: Is there a difference between a relinquishment deed and a gift deed?

Ans: With a gift deed, a person can gift her legal property rights to another person or benefactor.

What is Inherited Property and Relinquishment Deeds?

Contents

Categories

Recent Blogs