The term “relinquishment” means an act of renouncing a claim or right or position etc. Relinquishment Deed refers to a legal document according to which a person gives up his rights of an heir in an ancestral property for another legal heir or c-owner of the property. Salient features of Relinquishment Deed:
As per section 17 of the Registration Act 1908 (the Act), an instrument due to which a right is either right is created or transferred in case immovable property should be registered. Therefore, a relinquishment deed should be registered, get legal validation. Also, section 49 of the Act states that a document that comes under the purview of section 17 of the Act is unregistered should be inadmissible in a court of law in case of a dispute.
An owner of the transferred property has a right to revoke a relinquishment deed on the grounds given below:
However, all the parties involved in the agreement must cooperate in the process of revocation. The aggrieved party can approach the civil court, in case the beneficiary refuses to cooperate or give his consent to the revocation.
A gift deed and relinquishment deed are different from each other on various grounds and they are as follows:
A property can be relinquished in the name of the person only when he/she is a co-owner of the property. Though in a gift deed, an individual can transfer his property rights to anyone irrespective of their relation.
In the case of relinquishment deed, a relinquishment may be made with or even without consideration. On the other hand, a donor does not take money in place of giving up his right to the property.
While registration of both deeds is mandatory for its legal validation, the stamp duty charges on registering a gift deed are higher in comparison to a relinquishment deed.
In a relinquishment deed, a property can be transferred in favour of a minor child; in that case, the Indian Contract Act 1872 shall be applied. While in a gift deed, a property can be transferred in favour of a minor child.
A Relinquishment deed is a document in which a person renounces his/her right or share in an ancestral property to another legal heir. It is a tedious process and requires an expert opinion. ELT Consultants has a team of experts/professionals with wide knowledge in this field and the best Relinquishment Deed Lawyers in India.
A relinquishment deed refers to a legal document where a legal heir gives up his/her share in the property to other heirs.
A relinquishment deed can be given either for consideration or no consideration.It is important to know that the parties should be co-owners of the property for the transfer.
Though the relinquishment deed is signed without a consideration it means that its release is irrevocable by nature. A relinquishment valid only when more than one person owns the property in question.
All the parties along with two witnesses must sign the Relinquishment deed to be valid.
A relinquishment deed can only be revoked only when there is lack of agreement and not as per wishes of an individual.
A releasor or an executor is a person who makes makes the relinquishment deed, therefore, only a releasor or executant are allowed to execute the deed as the rights are released in a property by executing the document.
It refers to a legal document executed between owners of a property who have inherited the property. The deed is executed between the two parties i.e. the releasor and the releasee. The releasor is an individual who gives up the share or rights in the property and the releasee is an individual who gets the share in the property.
The relinquishment deed and the release deed are like binary contracts. Though the relinquishment deed involves two parties with or without any consent and release deed needs to have a consent to be valid..