Release deed

3 years ago

I had a flat which was registered in my name while purchasing it from builder. The society share certificate was issued in my name. Later, due to personal reasons, I got the flat transferred to my father's name through a registered agreement of sale. My father expired in 2016 and he was the sole owner of the flat in Mumbai. There is no nominee for the flat in the sale deed. My mother expired in 2019. I got the name change done from my name to my father's name in society share certificate after my parents demise. My elder brother's family includes his wife, 1 elder daughter and 1 younger son. My family includes my wife and 1 son. We do not have any succession certificate and legal heirship certificate.

I and my brother have mutually decided to transfer the property. That is, I want to release my claim from the flat and give to my brother. For this, we are creating a release deed stating that I give away my claim for the flat to my brother and in return, my brother will give me some amount of money.

My questions are
1. Will this release deed make him complete owner of the flat?
2. Can my brother apply for mortgage loan(for the amount he wants to pay me in return for releasing my claim) after the release deed?
3. Will there be any complications if he or his family wants to sell that flat if there is no legal heirship certificate or succession certificate available with us?