Many people neglect creating a will for years & sometimes die without one. It is said that if the person died without a will, it is called as “intestate”. It also includes the property of a person which was inherited by his/her legal heir. In that case, they can go for relinquishment deed, which allows a smooth transfer of property – if there are two or more legal heirs, and can request to separate the property in future.
A relinquishment deed is termed as a legal document where a legal heir gives up his/her legal rights to ‘inherited property’ in good faith of other heirs. When the person dies intestate, the relinquishment deed transfers ownership. The legal heir (by inheritance) will transfer their shares in favor of co-owner or an additional legal heir, of the same property. A relinquishment deed will be assigned either for consideration or with no consideration. Conversely, the parties involved must be co-owners of the property for the transfer to be released or relinquished.
What are the documents required for a Relinquishment Deed?
• Legal Documents of the Property
• Registered Documents
• A Written Document Stating Intention
• Co-owners Details
• Particulars required for a Release Deed
• Name of the Releasor, Age, Address
• Name of the Releasee, Age, Address
• Property description
• Details on consideration, if any.
• Aadhar Card, ID Proofs, like Driver License, Passport, etc
• PAN card of both the parties for the execution of Relinquishment Deed.
• You will require two witnesses at the time of execution of Relinquishment Deed
• Other Agreements which you might have entered into concerning the property
• Other materials may need according to state requirements.