Relinquishment Deed

Introduction

For years, often people forget to build a will & even die without one. If the individual dies without a will, it is said to be called "intestate." It also includes a person's property, and his / her legal successor inherited. In that case, they may apply for restitution bond, which requires the property to be exchanged easily-whether there are two or more legitimate heirs and can order that the property be divided in the future.

A surrender deed is considered a formal instrument in which a legitimate heir in good conscience surrenders his / her legal rights to 'inherited land' of other heirs. If the individual dies intestate, the deed of surrender shall pass possession. The legal heir (by inheritance) shall transfer their shares of the same property in favour of the co-owner or an alternative legal heir. A surrender deed is given either for consideration or without consideration. In comparison, for the transfer to be released or relinquished, the parties concerned must be co-owners of the land.

Points to be considered on relinquishment of property

• The disposition of land may only be accomplished by someone who is the property's legitimate heir. If there are more than one heirs of a property, one of the two co-owners will surrender.
• The restitution of the land may only be carried out in the name of an individual who is the property's co-owner. Relinquishment of land instead of an individual other than the co-owner cannot be made. The sale shall be considered as a gift if the disposition is made in favour of a person who is not a legitimate owner to the land.
• Relinquishment of property must be achieved by a written contract called Relinquishment Deed where both parties and at least two witnesses may sign.
• The Relinquishment Deed filing takes place at the Sub Registrar's office, under which jurisdiction the land is located.

Benefits of Relinquishment Deed

Seamless Transfer

A relinquishment deed when it is jointly owned is responsible for the smooth transfer of property.

Secure Transfer If No Will

If in the event of a death-no will have been written by the deceased individual (or intestate), in that case, relinquishment deed comforts in the transfer of property.

Other Heirs

A relinquishment deed permits a legal heir to transfer ownership of the inherited property to additional legal heirs.