Relinquishment Deed
Overview of Relinquishment Deed in India
A legal heir can waive their legal claim to inherited property in favor of other heirs by executing a relinquishment deed. When an individual passes away intestate, the relinquishment document facilitates the transfer of title, requiring the legal heir (through inheritance) to surrender their shares to another legal heir or co-owner of the property, if applicable. The execution of a relinquishment deed may involve consideration or no consideration, but it mandates that the parties involved are co-owners of the property for the transfer to be recognized as a release or relinquishment deed.
Benefits of Relinquishment Deed
- Facilitates seamless transfer of jointly owned property.
- Enables property transfer in cases of intestacy, where no will exists.
- Allows a legal heir to transfer ownership of inherited property to other legal heirs.
Checklist for Relinquishment Deed in India
- Legal Document: It is a legally binding document that relinquishes the legal rights of an heir to inherited property in favor of another heir.
- Registered Document: It must undergo registration under section 17 of the 1908 Registration Act to be legally valid.
- Written Document: It should be a written document signed by the involved parties in the presence of two witnesses.
- Co-owners: It can solely transfer rights among co-owners of inherited property and not to third parties.
Objective of Relinquishment Deed
A Relinquishment Deed enables an individual to relinquish their rights to a property, essentially signaling, “I no longer wish to retain my share of the property.” This legal document informs other co-owners of the decision to surrender one’s ownership interest, thereby preempting any potential confusion or disputes in the future.
How to Register a Relinquishment Deed?
The process of drafting a relinquishment deed commences upon receipt of the necessary information from the client. Once the information is provided, dedicated lawyers are assigned to the client, maintaining communication via mobile or email.
The charges incurred by the client cover the following:
- Initial draft completion within 3-4 working days.
- Two subsequent iterations based on client feedback.
- Option for expedited delivery within 24 hours, subject to additional charges.
When to Create a Relinquishment Deed For Property?
A relinquishment deed for property should be created when:
- There is a desire to surrender one’s share of the property.
- Clarification is needed to inform other owners of the decision to disassociate from the property.
- The intention is to prevent potential disputes or misunderstandings concerning the property in the future.
Timeline for the First Draft of Relinquishment Deed in India
The initial draft of the relinquishment deed, inclusive of consideration, typically requires 3-4 working days for completion. However, expedited delivery within 24 hours is also available upon request, subject to additional fees.
Assistance in Drafting a Relinquishment Deed for Property
In the process of drafting a relinquishment deed for property, our team at Trademarkwala can assist you comprehensively:
- A dedicated legal representative from Trademarkwala is assigned to prepare the deed of relinquishment.
- The deed is meticulously registered under section 17 of the 1908 Registration Act to ensure its legal validity.
- We facilitate the purchase and utilization of a stamp paper for the registration procedure of the relinquishment deed.
- Our legal representative coordinates with the Sub-Registrar’s office to secure a suitable date for the registration process, and the requisite registration fee is duly paid.
- The parties involved in the relinquishment process convene at the Sub-Registrar’s office to formally sign the deed of relinquishment in the presence of two witnesses.
Documents Required for Relinquishment Deed
Below are the essential documents needed for the relinquishment deed:
- Legal documents pertaining to the property.
- Registered documents related to the property.
- A written document outlining the intention to relinquish ownership.
- Details of co-owners involved.
- Specifics required for a Release Deed include:
- Name, age, and address of the releasor.
- Name, age, and address of the releasee.
- Description of the property.
- Consideration details, if applicable.
- Aadhar Card, ID proofs such as Driver’s License, Passport, etc.
- PAN card of both parties for deed execution.
- Presence of two witnesses during deed execution.
- Any other agreements pertinent to the property.
- Additional materials may be necessary as per state regulations.
Relinquishment Deed Format
A general relinquishment deed format is provided below. This is a general template and it might change as per the requirements of the parties involved.
RELINQUISHMENT DEED
This document, referred to as a relinquishment deed, is being created and enacted on the ____ day of _______ by ________________, who is the ___________ (relationship) of Late _________________ and _________________, as well as ____________, who is the ___________ (relationship) of Late ___________________. They both reside at _________________________________________________________, and will be referred to as the EXECUTANTS/RELEASORS.
The Releasee in this situation is ________________, who is the ___________ (relationship) of Late ___________________. Late ________________ was a subscriber to the National Pension System with PRAN ________________. However, Late ____________ passed away without creating a will or nominating a beneficiary to receive the accumulated pension wealth. As a result, the following individuals, who are legal heirs, are left behind:
| Name | Â | Â |
|---|---|---|
| Age | Â | Â |
| Relationship | Â | Â |
| Address | Â | Â |
NOW THIS DEED WITNESSETH AS UNDER:
The EXECUTANTS/RELEASORS are relinquishing their respective shares in the claim under the National Pension System as an act of natural love and affection, without any financial gain. They are transferring their shares to the Releasee, _________________, who is the ___________ (relationship) of Late ________________. The EXECUTANTS/RELEASORS affirm and declare that neither they nor their legal heirs have any right, claim or interest in the accumulated pension wealth of Late ________________, and it now belongs solely to the Releasee, __________(relationship) of Late ________________.
The following witnesses were present when the EXECUTANTS/RELEASORS and the RELEASEE executed this deed of relinquishment on the aforementioned date:
| Witnesses | Witness 1 | Witness 2 |
|---|---|---|
| Name | Â | Â |
| Address | Â | Â |
| Signature | Â | Â |
How to Register a Relinquishment Deed?
Here are the steps to register a relinquishment deed:
Step 1: Draft the relinquishment deed on a sheet of paper with a stamp value of ₹ 100.
Step 2: Visit the local sub-office registrar’s (SRO) office and ensure the presence of all involved parties.
Step 3: During registration, two witnesses must be present, providing the necessary ID proof.
Step 4: The registration fee for the deed typically ranges between ₹100 and ₹250.
Step 5: The officials will examine the document. If satisfactory, registration is completed within a week.
Step 6: Collect the registered deed from the SRO office.
This process is streamlined at Trademarkwala. Simply reach out to our experts, and we’ll handle the drafting and registration of the relinquishment deed in three easy steps.
Why Trademarkwala?
Trademarkwala is a platform dedicated to fulfilling all your legal requirements by connecting you with efficient legal experts. With over 50k+ regular clients, we prioritize seamless and hassle-free legal procedures, continuously growing with your support.
Clients can track the progress of any chosen service on our platform. Our experienced legal advisors are available to answer any questions about the relinquishment deed registration process. We ensure swift completion of the procedure, minimizing wait times for clients. Additionally, we meticulously review documents before submission and keep clients informed at every step of the process.