Gift Deed Vs Relinquishment Deed
6 months ago
I have inherited some property, both movable & immovable, along with my sister. Both holding the undivided equal share of those.
I don’t wish to claim the right to my share, and instead, wish to give away my share of all these inherited assets, both movable & immovable, to my sister.
Requesting your opinion and advice on what would be the best way for that?
To execute a Gift deed or a Relinquishment Deed ?
What are the specific differences between the two ?
And what the clear cut advantage & disadvantage of one above the other ?
Thanks and regards,
A.Dear Client,
Both the Deed of Gift and Deed of Relinquishment are governed by the Transfer of Property Act, 1882. A gift deed, once issued, cannot be revoked, but it can be challenged in court on the grounds of fraud or coercion. The disadvantage of a Gift Deed is once a gift deed is executed, it is irrevocable, which means that the donor cannot change their mind and take back the gift property unless it is challenged before the Court. A relinquishment deed is a legal document that transfers the ownership of a property from one person to another. It is commonly used in cases where a co-owner or a legal heir wishes to transfer their share of the property to another co-owner or legal heir. A relinquishment deed may be assigned either for consideration or with no consideration. Like gift deeds, Relinquishment deeds can also be challenged based on fraud, undue influence, coercion, and misrepresentation. So, considering the pros and cons of both deeds, you have to choose the one that suits you most.
Both the Deed of Gift and Deed of Relinquishment are governed by the Transfer of Property Act, 1882. A gift deed, once issued, cannot be revoked, but it can be challenged in court on the grounds of fraud or coercion. The disadvantage of a Gift Deed is once a gift deed is executed, it is irrevocable, which means that the donor cannot change their mind and take back the gift property unless it is challenged before the Court. A relinquishment deed is a legal document that transfers the ownership of a property from one person to another. It is commonly used in cases where a co-owner or a legal heir wishes to transfer their share of the property to another co-owner or legal heir. A relinquishment deed may be assigned either for consideration or with no consideration. Like gift deeds, Relinquishment deeds can also be challenged based on fraud, undue influence, coercion, and misrepresentation. So, considering the pros and cons of both deeds, you have to choose the one that suits you most.
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A.Dear
Respond to the complaint: Prepare a formal response to the complaint filed against you. Clearly outline the terms of the verbal agreement made in front of the police and any other relevant details that support your case.
Gather evidence: Collect any evidence that supports your position, such as records of the verbal agreement, communication with the tenant, and any other relevant documentation. This evidence can help you establish the terms of the agreement and demonstrate your compliance with the law.
Follow legal procedures: Adhere to the legal procedures in your jurisdiction for handling tenant disputes. This might involve attending hearings, providing evidence, and following the guidelines laid out by the local housing or tenancy authority.
Maintain records: Keep a detailed record of all interactions and communications with the tenant, including any notices, agreements, or other relevant documents. This documentation can serve as evidence in case of any future legal proceedings.
Respond to the complaint: Prepare a formal response to the complaint filed against you. Clearly outline the terms of the verbal agreement made in front of the police and any other relevant details that support your case.
Gather evidence: Collect any evidence that supports your position, such as records of the verbal agreement, communication with the tenant, and any other relevant documentation. This evidence can help you establish the terms of the agreement and demonstrate your compliance with the law.
Follow legal procedures: Adhere to the legal procedures in your jurisdiction for handling tenant disputes. This might involve attending hearings, providing evidence, and following the guidelines laid out by the local housing or tenancy authority.
Maintain records: Keep a detailed record of all interactions and communications with the tenant, including any notices, agreements, or other relevant documents. This documentation can serve as evidence in case of any future legal proceedings.
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