RELINQUISHMENT DEED
WHAT IS RELINQUISHMENT DEED ?
A relinquishment deed would be created and registered for enabling the co-owners to legally transfer their property's share to another co-owner of the property. The co-owners of a joint Hindu property can give up their right in this immovable asset by relinquishing their ownership.
The requirement for creating a release deed would typically arise when an owner of the property dies intestate without leaving a will, and the legal heirs of the property would decide to give up their right in the concerned property to any of the co-owners of the property.
What Does Relinquishment Deed Mean ?
If you are wondering what relinquishment deed's meaning is, it would be better to explain the same with an example. In case three sons of a person have inherited a large property in their hometown after their death who has not left a written will. If two of the three sons work in far-off cities and find this cumbersome in managing the estate in their hometown, they can transfer the rights in the name of the third brother who lives near the ancestral property and can handle the estate well. Now let us assume that those two brothers want to transfer their rights to the third brother, a deed of relinquishment or relinquishment deed would be drafted and registered for formalizing the procedure. Even, in any case, the two brothers have opted to take money for the transfer, a similar deed would then be created for making this transfer a legally valid one.
However, one must very carefully understand the various legalities involved in this procedure for successfully creating a relinquishment deed. Relinquishment Deed is also known as a release deed.
Objective Of Relinquishment Deed
Generally, the use of relinquishment deed arrives when the owner of the property dies without writing a will. Let us understand with an example ―
If Mr Ashok, who has two sons, dies due to heart attack without having a will. Now, the elder son wants to give property rights to the younger brother, in this case a relinquishment deed will be needed. When such a situation arises, a relinquishment deed is created. The deed can only be created only between the co-owners. Once the deed is ready, you should get it registered.
Benefits Of A Relinquishment Deed
Avail the following benefits when you get relinquishment deed made ―
- With relinquishment deed in place transfer of property becomes easy.
- If a no will is written by a deceased person then relinquishment deed helps in easy transfer of property.
- A legal heir can transfer the property to additional legal heirs if relinquishment deed is in place.
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