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4 months ago
I purchased a flat worth 1.3 Cr in Mumbai in 2020, where I wanted to be the sole owner but however as per value sentiment of this being my first property purchase I had my parents name also included at the time of registration. However now the situation does not seem very good among us and I also have a younger sisters, and since I am only continuing to fund the property payments from my account (single) till date in 2023 I wish to take their names out of the property. What are my options? Some suggest to make a Relinquish deed, Some say make a Release deed some say make a Gift deed. However Gift deed is inappropriate as this is not a Gift in the first place as the property has solely been funded by me.
A.Dear Client,
A Deed of Relinquishment is governed by the Transfer of Property Act, 1882. A registered 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. The act of giving up one’s rights and claims in a part of a property in favour of another is referred to as relinquishing rights that require free consent of the Co-owner/executor of the Deed. The “Deed of Relinquishment,” must be signed by all parties, witnessed by two witnesses, and registered, is another requirement for giving up ownership of immovable property in favour of a co-owner. If your parents agree to your proposal, you can go ahead with the execution of a Deed of Relinquishment which needs to be well-drafted by an experienced professional to avoid any future consequences. Reach out to an experienced property lawyer for guidance and steps.
A Deed of Relinquishment is governed by the Transfer of Property Act, 1882. A registered 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. The act of giving up one’s rights and claims in a part of a property in favour of another is referred to as relinquishing rights that require free consent of the Co-owner/executor of the Deed. The “Deed of Relinquishment,” must be signed by all parties, witnessed by two witnesses, and registered, is another requirement for giving up ownership of immovable property in favour of a co-owner. If your parents agree to your proposal, you can go ahead with the execution of a Deed of Relinquishment which needs to be well-drafted by an experienced professional to avoid any future consequences. Reach out to an experienced property lawyer for guidance and steps.
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