Meaning : A Release Deed legally extinguishes a co-owner’s rights in a property and transfers the same in favour of another co-owner through compulsory registration.
1. Key Details
- A Release Deed is a legal document by which a person relinquishes or releases their legal right, share, or interest in a property in favour of another co-owner.
- It does not create a new title, but enlarges the share of the releasee.
- Can be executed with or without consideration.
- Commonly used in family and inherited property matters.
- Once executed and registered, it is irrevocable.
- Stamp duty is payable as per State Stamp Act.
- Compulsory registration is required for immovable property.
2. Applicability
A Release Deed is applicable when:
- Property is jointly owned.
- One co-owner wishes to give up their share in favour of another co-owner.
- Common scenarios include:
- Settlement among legal heirs
- Family arrangements
- Partition already done but formal release required
- ❗ Not valid in favour of a stranger (Gift or Sale Deed required instead).
3. Requirements
A. Legal Requirements
- Releasor must be a lawful co-owner.
- Free and voluntary consent.
- Clear identification of the share being released.
- Lawful consideration, if any.
- Issuing legal notices and responses.
- Preventing disputes through clear legal documentation.
B. Documentation
- Title deeds / chain of title.
- Proof of co-ownership (Will, legal heirship certificate, succession documents).
- Property card / 7-12 extract / CTS extract.
- Identity & address proofs of parties.
- PAN cards.
- Society NOC / share certificate (for flats).
C. Registration & Stamp Duty
- Stamp duty paid as per State law.
- Execution before Sub-Registrar of Assurances.
- Two witnesses required.
- Registration under the Registration Act, 1908 is mandatory.