There may be times when a legal heir would want to give up his/ her own legal rights to some other legal heir, such as brother, sister, etc. then a legal document which demonstrates this is known as the Relinquishment deed. This term “Relinquishment” means one co-owner of property abandons and surrenders the rights, title and interest for the other co-owners.
The consequences of the Relinquishment of one of the co-owners share in the property are nothing but the amplification of the shares of the other co-owners.
Essentials Elements of Relinquishment Deed
The following, which have been mentioned below, are the essentials for a Relinquishment Deed.
Legal document: This Relinquishment deed is a legal document which means that with the help of this legal document, an heir can transfer or release his/her legal rights of the inherited property.
Consequences: The release of the share is the effect of such transfer of rights, which is given by one co-owner to another co-owner and are not given by the actual owner.
Irrevocable: The relinquishment deed is irrevocable, even if it has been made without any consideration. In order to have a valid relinquishment, the property has to be owned by more than one person.
Relinquishment cannot be done in favour of a 3rd person: No other person is allowed to interfere in the Relinquishment of the property other than a co-owner. Otherwise, the Relinquishment would be treated as a gift if it is made in favour of the third party.
Must be in writing: The Relinquishment of the rights of immovable property has to be done only in a written document. This is called the relinquishment deed. This has to be duly signed by all the parties and has to be under a min of 2 witnesses.
Must be registered: The Relinquishment Deed falls under Section 17 of the Registration Act, 1908. If there are any immovable property rights, they have to be registered in the office of the sub-registrar.
Consideration: There is no need for consideration for the Relinquishment deed.
Easy pROCess: Filing the relinquishment deed is a cheap and easy pROCess which doesn’t require many days for the registration pROCedure.