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How Does A Relinquishment Deed Work?

A Relinquishment Deed helps secure an immovable property from its inherited owner and pass it on to another legal heir, in the event of the owner 's death

A Relinquishment Deed helps secure an immovable property from its inherited owner and pass it on to another legal heir, in the event of the owner 's death

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  What is a Relinquishment Deed? (Overview)

A relinquishment deed is a legal document where a legal heir gives up his/her legal rights to inherited property in favor of other heirs. The relinquishment deed transfers ownership when the person dies intestate, and the legal heir (by inheritance) shall transfer their shares in favor of another legal heir, or co-owner of the same property. A relinquishment deed shall be transferred either for consideration or without consideration. However, in order for the transfer to be a release or relinquishment, the parties involved must be co-owners of the property.

  What are the benefits of using a Relinquishment Deed (Benefits)

A relinquishment deed provides for seamless transfer of property when it is jointly owned. A relinquishment deed helps in the transfer of property, in the event of a death and no will has been written by the deceased individual (or intestate). A relinquishment deed allows a legal heir to transfer ownership of his/her inherited property to other legal heirs.

  Checklist for a Relinquishment Deed (Checklist)

Legal Document: It is considered to be a legally binding document, and hence used to relieve the legal rights of an heir from an inherited property to another heir. Registered Document: It must be registered under section 17 of the 1908 registration act, to be considered as a legally valid document. A Written Document: It must be a written document signed by the parties involved, in the presence of two witnesses. Co-owners: It can only be used to transfer rights to an inherited property among co-owners, and not to a third party.

  What is the Procedure For Drafting A Relinquishment Deed (Procedure)

he drafting of the Relinquishment deed would commence from when the required information is shared by the client. Once the information is shared, lawyers are assigned to the respective client and they stay in touch with him/her through mobile or email.

The charges paid by the client are inclusive of the following:

First draft in 3-4 working days.

Two iterations followed by the First Draft at the Client's convenience

  What is the Timeline for the first draft of A Relinquishment Deed (Timeline)

It takes approximately 3-4 working days to deliver the first draft of the Relinquishment Deed. However, it can also be delivered within 24 hours, on a priority basis, for which additional charges are applicable

  How Can We Help In Drafting A Relinquishment Deed

The relinquishment deed is prepared by an assigned legal representative from IndiaTax The deed is registered under section 17 of the 1908 registration act, to make it legally valid. A stamp paper is purchased and used for the registration process. The IndiaTax's legal representative will coordinate with the Sub-Registrar's office to secure a date for the registration process. The registration fee is also paid. The parties involved in the relinquishment process arrives at the Sub-Registrar's office to sign the deed, along with two witnesses.

FAQs on Relinquishment Deed

The Relinquishment Deed is a legal document that allows a legal heir to transfer or release his/her legal right of inherited property to another legal heir.

The effects are the release of shares of one co-owner and the increase of shares for other co-owners.

A relinquishment deed can exist with or without consideration.

Relinquishment deed falls under Section 17 of the Registration Act, 1908 and hence, a release of rights in the immovable property must be registered.The Relinquishment Deed falls under Section 17 of the Registration Act, 1908 and hence, the relinquishment of rights must be registered.

The relinquishment of property can only be done by someone who has a share in the property. In case there is more than one owner in a property, either of the co-owners can do relinquishment. For a valid relinquishment, the essentials of a valid contract are to be followed other than the compensation

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