Have you received a property from your ancestors, but you don't want your share from the property due to any reason. In that case you can make a relinquishment deed. Now you must be wondering what is relinquishment deed. In this answer you can explore the relinquishment deed in detail.Relinquishment Deed MeaningThis is a legal document made to transfer the share of an inherited property by one co-owner to another. When a person wants to transfer his/her share from the inherited to the other co owner of the property then this deed is prepared by both the owners. The relinquishment deed meaning in Hindi is त्याग विलेख. Relinquishment deed under transfer of property act 1882 states that it is mandatory to register the relinquished deed and pay stamp duty at the sub registrar office.Salient features of relinquishment deed:
This deed is an irrevocable document, once the relinquishment deed is registered then it can not be revoked.
This document is prepared by the legal advisor, on the notarized stamp paper.
Relinquished property can never be self owned; it is always inherited.
Let us understand what is relinquishment deed meaning with an example:A person (RAJ) is 80 year old and has 2 children Anjali, Tina. Raj owns a lot of property but he passed away without making a will. Later his property will be divided into his both the children but Tina says that she does not want her share from his father’s property. In that case the entire property will be transferred to Anjali. To register Tina's statement both the sisters will prepare a legal document called relinquishment deed. That deed will hold the information about the property and about the transfer of the property. This document will also keep a record if both the sisters have agreed upon any condition.This is the relinquishment deed meaning
The term relinquishment means, abandoning and surrendering the rights, title, and interest, by one co-owner of property for the other co-owners. Let me also share the relinquishment deed format PDF further with you towards the end. Before that I would like to explain a few things about relinquishment deed meaning in detail.Get legal assistance for your property related concerns with NoBroker Legal ServicesRelinquishment deed is a legal document through which a legal heir can give up or release his legal rights in an inherited parental property for another legal heir such as his mother, son, daughter, brother, sister, etc.Essentials Elements of a Relinquishment Deed are:
Relinquishment deed is a legal document.
A release or relinquishment deed is irrevocable even if it was made without any consideration.
For a valid transfer through a relinquishment deed, the property must be owned by more than one person.
Relinquishment cannot be done in favor of a third person who is not a co-owner of the property.
The relinquishment of the property needs to be done only through a written document which must be signed by all the parties and witnessed by at least two witnesses.
Relinquishment deed is governed by Section 17 of the Registration Act, 1908.
It must be registered in the office of the sub-registrar within whose jurisdiction the property is situated.
A relinquishment deed can be done with or without any consideration.
A Relinquishment Deed is to be prepared on a stamp paper of Rs.100.
Every detail of the relinquished property should be properly mentioned in the deed.
Relinquishment deed meaning in hindiRelinquishment का अर्थ है, अन्य सह-मालिकों के लिए संपत्ति के एक सह-मालिक द्वारा अधिकारों, शीर्षक और ब्याज को छोड़ना और आत्मसमर्पण करना।त्याग विलेख एक कानूनी दस्तावेज है जिसके माध्यम से एक कानूनी उत्तराधिकारी अपनी मां, बेटे, बेटी, भाई, बहन आदि जैसे किसी अन्य कानूनी उत्तराधिकारी के लिए विरासत में मिली पैतृक संपत्ति में अपने कानूनी अधिकारों को छोड़ सकता है या छोड़ सकता है|Read more:How to find deed number in land papersWhat is deed of conveyanceWhat is the validity of sale deed registration
Hi Buddy,You can make a relinquishment deed without consideration as well as with consideration. A legal heir can give up their legal claim to inherited property in favour of other heirs by signing a relinquishment deed. When a person passes away intestate, the relinquishment document transfers title, and the legal heir (through inheritance) must renounce their shares in favour of another legal heir, or co-owner of the same property, if there are any. Avail NoBroker’s Legal Services if You Need Help in Checking Property documentsTransferring a relinquishment deed requires either consideration or no consideration. However, the parties involved must be co-owners of the property for the transfer to qualify as a release or relinquishment.I would like to reiterate that a relinquishment deed with consideration as well as without consideration is accepted as final.Relinquished property meaning:The asset being sold or otherwise disposed of is referred to as the relinquished property in a tax-deferred exchange (also known as a 1031 exchange or like-kind exchange).I would like to conclude here about the relinquishment deed without consideration and with consideration. I hope this helps:)Read More:How to get a duplicate copy of legal heir certificate?What is the process of obtaining a legal heir certificate online?Can you sell property on the basis of mutation and surviving member certificate?
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What is relinquishment deed?
Smrit
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June 10, 2021
2021-06-10T19:39:16+00:00 2021-07-27T15:52:26+00:00Comment
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