Who can do relinquishment deed?

The relinquishment of property can only be done by someone who has a share in the property. In case there is more than one owner in a property, either of the co-owners can do relinquishment. For a valid relinquishment, the essentials of a valid contract are to be followed other than the compensation.

What is the purpose of relinquishment deed?

A relinquishment deed is a legal document which has the effect of giving up or releasing the rights, titles and interest of a particular legal heir in favour of other legal heirs in a common property. The other heirs may be related as parents, siblings, children etc.

How does a relinquishment work in real estate?

Relinquishment is surrendering inherited or parental rights for another “legal heir”/ “another collateral” in the same property. In simple terms, relinquishment is a family arrangement where one legal heir surrenders his share in the property with or without monetary consideration for another legal heir.

Can a relinquishment be done in the name of a third person?

The relinquishment of property can only be done in the name of a person who is co-owner or co-sharer in the property. Or in other words, relinquishment of property can not be done in the name of any third person other than the already existing co-owner.

Can a legal heir execute a relinquishment deed?

In simple terms, relinquishment is a family arrangement where one legal heir surrenders his share in the property with or without monetary consideration for another legal heir. The relinquishment deed cannot be executed for another person who is not a legal heir.

Can a co-owner of a property relinquish his share?

If the heir’s come to the conclusion of separation of property, then anyone of the co-owner (who is not willing to keep the property) can relinquish his share in favour of the other owner. This process of transferring property from one owner approving the other is known as “Relinquishment of Property”.

When does an heir want to relinquish a property?

An heir is not required to take possession of any property given to them by someone else, including an inheritance, if they do not want it. If this is the case for you, there are certain ways you can disclaim the property and relinquish your interests.

What happens if I leave all my property to my Children?

Let’s take a very common situation: a will that leaves “all my property to my children, Vanessa, Jennifer, and Jeremy, in equal shares.” If there’s real estate in the property that passes through that will, then the children are eventually going to have some decisions to make.

Can a parent force a child to sell a life estate?

However, when the parents have retained a life estate, the creditors of a child cannot force the sale of the property to satisfy a child’s debt. That is because a child’s creditors are not in any better position than the child. Since the child could not sell the property and force the parents out of the property, neither could a child’s creditor.

Where does a relinquishment have to be registered?

As per The Registration Act of 1908, relinquishment comes under Section 17 which means it has to be compulsorily registered at a sub-registrar’s office.