Overview
When an individual willingly releases their shares or claim over the property they sign the legal document which is the relinquishment deed. The agreement when a property owner passes away and the legal heirs of the owner agree to relinquish their shares of property in Favor of other heirs is formalized with the relinquishment deed.
If any individual transferring a relinquishment deed it requires either consideration or no consideration. The parties involved in the deed must be the co-owners of the property or the assets to transfer for qualifying as a release of the relinquishment deed.
How to Register a Relinquishment Deed in Delhi?
1. For the Registering Relinquishment deed firstly, you must draft the deed for which you must get help from a professional and include all necessary details accurately. The deed must include all the details such as relinquishing the property to whom, property description, and transfer date.
2. The relinquishment deed must be registered with a sub-registrar within the property jurisdiction which is also stated under section 17 of the Registration Act.
3. Both the parties and the witness must sign the deed. For verification purposes, all the relevant documents must be presented with the relinquishment deed.
When to create a Relinquishment Deed?
1. After the Death of a Property Owner
2. Mutual Agreement Among Co-owners
3. Family Settlement
4. To Avoid Future Disputes
Who can Create a Relinquishment Deed?
1. Legal heirs
2. Co-owners of the property
3. Individuals with legal rights
Points to Remember while Drafting a Relinquishment Deed
1. Take assistance from a legal professional to ensure that all the required details are properly addressed in the deed.
2. State the name of the person who is relinquishing the rights and the person who is receiving the rights with their proper name, address, and relationship with each other.
3. Description of the property which includes the location, boundaries and if any survey number etc.
4. Share Details: Specify the share of the property that is being relinquished and acquired by the other person.
5. Legal Provisions: The deed must include all the required legal clauses.
6. Include the date of relinquishment from when it is effective.
7. Verify the stamp duty.
Documents Required for Relinquishment Deed in Delhi
1. Identity Proofs of both the parties
2. Address Proofs
Utility bills, ration cards, or any government-issued document
3. Original property documents.
4. Death Certificate of the original owner
6. Succession Certificate/Legal Heir Certificate
7. Property Tax Receipts
Latest property tax payment receipts to ensure there are no pending dues
8. No Objection Certificate (NOC)
From other legal heirs, if applicable, stating they have no objection to the relinquishment
9. Encumbrance Certificate
To show that the property is free from any legal liabilities or disputes.
10. Witness Identification
11. Photographs
Passport-sized photographs of the Releaser, Releasee, and witnesses.
12. Stamp Duty Payment
Proof of the payment of the required stamp duty
Registration Procedure of Relinquishment Deed in Delhi
1. Drafting of the relinquishment by the Advocate
2. For execution purposes, purchase stamp paper
3. Registration by the sub-registrar's office
4. Pay the required government registration fee
Conclusion
In conclusion, if you are the legal heirs of the assets or property and want to transfer the rights to other co-owners you can draft the relinquishment deed and relinquish the property. It is necessary so that you can avoid any future disputes over the property.
eStartIndia will help you to draft a Relinquishment Deed from the comfort of your home.
Author:
Leave a Comment
Previous Comments