90,000+ Legal Questions Answered
Property titles
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.
Helpful
Helpful
Share
Read Related Answers
Inheritance Rights Dispute Over Mothers Property in Bengaluru
Dear Client,
A property when left by the deceased owner intestate i.e, without any will, is devolved upon the surviving legal heirs in equal share following the law of inheritance/succession. After t...
EWS Certificate
Dear Client,
The death certificate of a deceased person is a crucial document that is mandatorily required for the issue of a legal heir certificate either by the Municipal Authority or to apply for a...
POA from SriLanka to India citizen Resident Indian
Dear client,
If the seller of the property is not now in India, he can still execute a POA abroad, but the process is slightly different. His first step is to visit the Indian Embassy or Consulate in...
Darkast agriculture land sale
Dear Sir,
If there is perpetual restraint from selling the land then the grandson cannot sell without the permission from the Deputy Commissioner. The conditions in the Darkasth to be read.
Mutation of property in authority records based upon registered gift deed
Dear Sir,
Yes, the mutation will be taken place as jointly in respect of your respective wives. You have to produce certified copies of both the Gift Deeds.
Read Blogs on Property
Property Lawyers
Find Lawyers by Location
